The Central Bank of Russia has begun testing CBDCs and is expected to officially roll out in the 2024 presidential election year.
According to an update from the Central Bank of Russia, the authorities will start connecting all banks and credit institutions with the digital ruble between now and 2024. That will be an important milestone for Russia. because the country is scheduled to hold presidential elections in March 2024 and incumbent President Vladimir Putin has the constitutional right to be re-elected.
By 2023, the Central Bank of this country will conduct beta testing of smart contracts for the digital ruble with a select group of people/institutions.
They are expected to roll out the CBDC gradually, unlocking new tests and features year after year. As soon as the Federal Treasury is ready, the digital ruble will also feature consumer-to-government, business-to-government, government-to-consumer and government-to-business payments.
The central bank will also introduce an offline mode for the digital ruble by 2025 along with integrations with non-bank financial intermediaries, financial platforms and exchange infrastructure.
“The phased introduction of the digital ruble will provide market participants with the opportunity to adapt to new conditions,”
The Central Bank of Russia will cooperate with other central banks to develop their own digital currencies to carry out cross-border operations and foreign exchange with digital currencies, the authorities said. more.
As previously reported, Russia launched its first digital ruble trials in February 2022, after announcing the official CBDC roadmap last year. The Bank of Russia once established a group of 12 banks to test the digital ruble, including Sber, VTB, Tinkoff Bank, etc.
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