Bank Of Russia Will Begin Testing CBDC In April

Key Points:

• On April 1, 2023, the Bank of Russia will launch the first consumer trial for the country’s central bank digital currency (CBDC).
• According to the official, the next CBDC pilot in Russia will involve genuine activities and actual consumers but will be restricted to a specific volume of transactions and clients.
• The deputy governor clarified that general customers would not be able to participate in the pilot in the first stage, as the banks will enter the pilot with chosen customers. Following the first pilot stage, the Bank of Russia plans to determine how to scale the digital ruble further, Skorobogatova stated.

On April 1, 2023, the Bank of Russia will launch the first consumer trial for the country’s central bank digital currency (CBDC).

According to first deputy governor Olga Skorobogatova, the Russian central bank will shortly introduce the first actual digital ruble transactions involving 13 local banks and many business owners.

According to the official, the next CBDC pilot in Russia will involve genuine activities and actual consumers but will be restricted to a specific volume of transactions and clients.

“We plan to launch the digital ruble project on April 1, with transactions involving individual transfers as well as payments in trade and service enterprises,” Skorobogatova stated at the Ural Forum Cybersecurity in Finance. She added that the banks participating in the pilot have technically confirmed their readiness to start testing the digital ruble.

The deputy governor clarified that general customers would not be able to participate in the pilot in the first stage, as the banks will enter the pilot with chosen customers. Following the first pilot stage, the Bank of Russia plans to determine how to scale the digital ruble further, Skorobogatova stated.

The most recent statement made by Skorobogatova adheres to the schedule for the introduction of the digital ruble that the central bank formally unveiled in June 2022. The consumer CBDC pilot, which was initially slated for 2024, was brought up earlier because of Western economic sanctions against Russia, which drove the Russian central bank to search for an alternative to the SWIFT payments system.

The announcement comes amid claims from some Russian officials that the Bank of Russia is developing a potential gold-backed token aimed at international trade. Vladimir Chistyukhin, the first deputy governor of the Bank of Russia, thinks that a “golden token” will assist Russia in developing a new, alluring investment product and a required payment method for international settlement.

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