Bank of Russia Accelerates Schedule for Digital Ruble Project – Finance Bitcoin News

The Central Bank of Russia continues to step up efforts to test and issue the digital ruble, with a roadmap for the full implementation of the new form of the national fiat now expected by the end of 2023. Trials with real transactions and users are scheduled to begin next April, earlier than originally planned.

Bank of Russia to Present Digital Ruble Roadmap Next Year

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 Olga Skorobogatova said in an interview with the Tass news agency, revealing an earlier deadline than previously set.

The high-ranking official also noted that the regulator intends to start testing operations with the Russian central bank digital currency (CBDC) with real clients as early as April 2023, indicating these plans have been adjusted, too. Skorobogatova emphasized that next year will be very important for the project and elaborated:

Testing of real operations will give us the opportunity to understand what needs to be tweaked and brought to mind, what to refine, what to change. We want to develop a roadmap for the introduction of the digital ruble at the end of next year.

The deputy governor pointed out that 12 banks are currently taking part in the pilot. Another three banks want to join the trials and the monetary authority has received applications from several non-financial organizations as well.

Olga Skorobogatova remarked it’s…

Read more…