According to Cointelegraph, the Bank of Russia (BoR) mentioned that it will begin testing operations for Russia’s central bank digital currency (CBDC) project with digital rubles. It is expected that the test will begin on August 15, 2023.
Sources revealed that the Bank of Russia expects that the pilot tests will involve the participation of about 13 banks and a restricted group of their users, Cointelegraph added.
Olga Skorobogatova, first deputy governor, Bank of Russia, mentioned that initiating pilot operations using genuine digital rubles represents a pivotal phase within the project. This method is expected to facilitate the identification of the digital ruble’s performance within an industry, the refinement of essential procedures by partnering with users, potential process adjustments, and the assurance of a user-friendly and comprehensible client experience, Cointelegraph highlighted.
Furthermore, the initial phase of the pilot program will focus on improving fundamental processes, including the use of a QR code for transactions involving purchases and services, Cointelegraph concluded.
(With insights from Cointelegraph)