Categories: Market

Russia’s central bank sets up pilot group for digital rubles

Russia’s central bank is forming a group of banking institutions to test a central bank digital currency (CBDC) next year.

On Tuesday the Central Bank of Russia officially announced notification founded the first pilot group for testing the digital ruble, in which 12 Russian banks participated.

Pilot members include the largest Russian banks such as Sberbank and the state-backed VTB, as well as large private banks such as Tinkoff Bank and other commercial banks such as Alfa Bank, Gazprombank, Promsvyazbank, Rosbank, Ak Bars Bank, Dom.RF, SKB -Bank, TKB and Soyuz Bank.

The bank confirmed Russia’s plans to complete a prototype digital ruble platform by the end of 2021 and start a test in January 2022. The first phase of the testing process involves testing the publication and some other activities. The Russian central bank then plans to expand the number of participants and the scope of the pilot activities.

Deputy Governor of Russia’s Central Bank Olga Skorobogatova said CBDC will increase solvency while reducing costs.

The Central Bank of Russia officially announced its CBDC plan and published a consultation document on the development of a digital ruble in October 2020.

The central bank’s preference for CBDCs over private cryptocurrencies has sparked outrage among several celebrities, including prominent financier Oleg Deripaska, who recently argued that the bank should provide “a real financial instrument that allows independence in foreign trade transactions.”

Annie

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

20 mins ago

BlockDAG X1 App Receives Huge Response From Community, Hiting Over 200K Users! Latest on Bitcoin & Chainlink Prices

Want to learn about Bitcoin and Chainlink's prices? See why BlockDAG with its X1 app…

40 mins ago

Bitcoin Mining Difficulty Tops 100T Hash for the First Time

New ATH for Bitcoin’s average hashrate, combined with Bitcoin mining difficulty surpassing 100 trillion hashes,…

1 hour ago

US Presidential Election Drives Bitcoin Price Back to $70,000

Bitcoin's price rose 3% to $70,200, influenced by excitement surrounding the US presidential election.

2 hours ago

Xinteria Surpasses $1 Billion in Trading Volume, Unveils Innovative Market-Making Technology

NY, United States of America, 5th November 2024, Chainwire

2 hours ago

Top DePIN Crypto Projects With Huge Airdrop Potential

This Coincu's article presents a curated list of the top DePIN crypto projects with airdrop…

2 hours ago

This website uses cookies.