Russia to lauch its digital ruble in 2024

Bank of Russia started CBDC testing in 2022, and expects to complete an official banking rollout in 2024

As stated by Cointelegraph, Russia’s latest monetary policy update stated that the authority will begin to connect all banks and credit institutions to the digital ruble platform in 2024
As stated by Cointelegraph, Russia’s latest monetary policy update stated that the authority will begin to connect all banks and credit institutions to the digital ruble platform in 2024

Bank of Russia is working towards the upcoming adoption of a central bank digital currency (CBDC), with the plan to unveil a digital ruble in the next couple of years, according to Cointelegraph. 

As stated by Cointelegraph, Russia’s latest monetary policy update stated that the authority will begin to connect all banks and credit institutions to the digital ruble platform in 2024, which is supposed to be an important year with regard to the country’s presidential elections. Within that time, the country’s central bank expects to complete ‘real-money’ customer-to-customer transaction trials as well as the testing of customer-to-business and business-to-customer transactions. In 2023, Bank of Russia also aims to conduct beta testing of digital ruble-based smart contracts for trades through a limited number of participants.

Information from Cointelegraph noted that the Bank of Russia expects to go ahead with the CBDC rollout from a gradual rollout perspective, with features of unlocking new different trials and characteristics year by year. With preparations of Federal Treasury expected to be underway, the digital ruble is expected to feature in different sort of payments such as consumer-to-government, business-to-government, government-to-consumer, government-to-business payments, among others. The central bank also anticipates to introduce the offline form of digital ruble by 2025 alongside integration of non-bank financial intermediaries, financial platorms and exchange infrastructure.

From data stated by Cointelegraph, in a statement given by the Bank of Russia said that the process of introducing the digital ruble will aim to provide market participants with the opportunity to adapt to different conditions. Also, the Bank of Russia will look to cooperate with other central banks which are developing their own digital currencies, with the aim to carry out cross-border transactions and foreign exchange based payments with digital currencies. In February, 2022, Russia debuted its first digital ruble trials in, following its official CBDC roadmap released last year. The Bank of Russia previously formed a group of 12 banks to test its digital ruble, which included Sber, VTB, Tinkoff Bank, among others.

(With insights from Cointelegraph)

Also read: Rise and fall of cryptocurrencies; looking at the cryptocurrency crash in 2022

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