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Russian Central Bank Accelerates Digital Ruble Project Schedule

Navigasi - The Russian Central Bank continues to step up efforts to test and issue the digital ruble, with a roadmap for the full implementation of the new form of national fiat now expected by the end of 2023.

Russian Central Bank Accelerates Digital Ruble Project Schedule
Russian Central Bank Accelerates Digital Ruble Project Schedule


The trial with real transactions and users is scheduled to start next April, earlier than planned.

Launching Bitcoin.com, the Central Bank of the Russian Federation (CBR) will develop a roadmap for the introduction of the digital ruble by the end of 2023, First Deputy Chairman of the Central Bank of Russia Olga Skorobogatova said in an interview with the Tass news agency, revealing the deadline earlier than previously set. .

The top official also noted the regulator intends to start testing operations with Russia's central bank digital currency (CBDC) with real clients as early as April 2023, suggesting these plans have been adjusted as well. Skorobogatova stressed that next year will be very important for the project.

“Testing real operations will give us the opportunity to understand what needs to be changed and remembered, what needs to be improved, what needs to be changed. We want to develop a roadmap for the introduction of the digital ruble by the end of next year.” (26/6/2022).

The deputy governor gave an example, currently there are 12 banks participating in the trial. Three other banks want to join the trial and the monetary authority has received applications from several non-financial organizations as well.