Russia to Launch CBDC Pilot in April

February 17, 2023

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Russia to Launch CBDC Pilot in April

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In partnership with 13 local banks, the apex bank of Russia is planning to launch a pilot for the Central Bank Digital Currency (CBDC) on April 1.

The plans to launch the pilot were disclosed by the Bank of Russia’s first deputy governor Olga Skorobogatova, as reported by local media.

According to Skorobogatova, real operations and real consumers in Russia will be involved in the CBDC pilot, although there will be limitations to the number of transactions as well as customers.

“We plan to launch the digital ruble project on April 1, with transactions involving individual transfers as well as payments in trade and service enterprises,” Skorobogatova stated at the Ural Forum Cybersecurity in Finance. Adding that the financial institutions involved have technically confirmed their readiness to test the CBDC.

Skorobogatova furthered that only a handful of users will be involved in the pilot’s first stage as the bank is looking to launch the pilot only with chosen consumers.

This announcement comes many months after the apex bank of Russia released a roadmap for the digital ruble which was initially planned to be commenced by 2024, the plan to commence the pilot project was changed by the bank of Russia because it was looking to circumvent western sanctions which have affected SWIFT payment system.

Also, there was a report recently that Russian officials revealed that the bank of Russia is considering a gold-backed token to be used for cross-border transactions.

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