The Central Bank of Russia recently announced that it has started testing its central bank digital currency (CBDC), the digital ruble.
The Central Bank of Russia has announced that it has conducted the first test of its central bank digital currency (CBDC), commonly known as the “digital ruble.”
What happened
The Bank of Russia announced last week that it has officially launched trials of its CBDC and that it has conducted the first digital transfers of rubles between citizens.
Three of the 12 financial institutions participating in the Russian Central Bank’s CBDC pilot program have integrated the digital ruble into their platforms. Two of them even completed a “full cycle of digital transfers of rubles between customers using a mobile banking app”.
The first phase of future testing will allow users to open the ruble digital wallet mobile application, convert non-cash fiat currency into CBDC, and conduct transactions using the tokenized currency.
The second phase will involve testing digital ruble payments for goods and services, as well as the implementation of smart contracts and interaction with the Federal Treasury.
Going forward, the Bank of Russia also plans to facilitate offline CBDC payments and allow non-residents to conduct digital ruble transactions.
Olga Skorobogatova, First Deputy Governor of the Russian Central Bank, noted that the digital rule will allow free transactions across the country and constitute “new opportunities for citizens, businesses and the country.”
