The Central Bank of Russia (BOR) has disclosed its plans to commence test the Central Bank Digital Currency (CBDC) Project using the digital rate. Phase is scheduled to start on August 15. The pilot test will involve 13 Banks and their Limited client base, according to a statement from the Russian central bank.
Olga Skorobogatova, the first deputy governor of the Central Bank of Russia, emphasized that the pilot operation using the real digital ruble signs a crucial milestone for the project. This phase is intended to assess the functionality of the digital ruble platform in a real -world setting, refine procedures in collaboration with customers, and ensure a user-friendly customer experience.
Skorobogatova highlighted that the bank's strategy for the widespread adoption of the digital ruble is contingent upon the gradual testing process and successful comprehensive trials covering all operational aspects. The goal is to enable citizens and businesses to actively use the national digital currency upon request, starting from 2025.
The initial phase of the pilot program will focus on refining fundamental processes, including setting up and funding digital ruble accounts (digital wallets), conducting digital ruble transactions between individuals, facilitating simple automatic payments, and utilizing QR codes for transactions involving purchases and services. Participants in the pilot program will be able to use digital rubles for payments at 30 retail stores across 11 Russian cities.
The pilot program aims to expand its participant base to include both individuals and businesses by the end of 2023. In the following year, the range of transactions will be broadened, encompassing additional payment scenarios using dynamic QR codes and facilitating transfers between legal entities. A recent enactment of digital ruble legislation by President Vladimir Putin on July 24 has reinvigorated Russia's central bank digital currency initiative, even though the launch of the digital ruble pilot had faced previous delays during the legal process.
