The Bank of Russia (BoR) has announced that it will start using digital rubles for testing Russia’s central bank digital currency (CBDC) project.
The testing phase begins on August 15, with 13 banks and a few consumers participating. According to First Deputy Governor Olga Skorobogatova, the project’s critical stage will involve trial operations using real digital rubles.
This step aims to assess the digital ruble platform’s functionality in an industrial setting, refine procedures with clients’ input, consider potential process changes, and ensure a user-friendly experience.
The Bank aims to gradually introduce the digital ruble for widespread use, based on successful testing and trials covering all potential operational uses.
By 2025, the national digital currency is expected to be actively used by individuals and organizations. Initially, the pilot program will focus on streamlining processes like creating and funding digital ruble accounts, transfers, automated payments, and QR code transactions for goods and services.
Participants can use digital rubles at 30 retail locations in 11 Russian cities, with plans to expand by the end of 2023. In 2024, the range of transactions will increase, adding a second payment scenario using dynamic QR codes for transfers between organizations.
Templates for automated payments will also expand. The digital ruble pilot’s launch was previously delayed due to legislative readings, but President Vladimir Putin signed the law on July 24, allowing Russia to proceed with its CBDC efforts.
