Russia Ramping Efforts To Build Digital Ruble Roadmap for Early Launch

Russia Ramping Efforts To Build Digital Ruble Roadmap for Early Launch

  • Olga informed that the deadline had been pushed to an earlier date than originally scheduled.
  • The deputy governor added that 12 banks are now participating in the initiative.

As of the end of next year, Russia’s central bank is increasing its efforts to build a digital ruble roadmap. Deputy Chairman Olga Skorobogatova of the Central Bank of Russia (CBR) discussed the new deadline. Olga informed that the deadline had been pushed to an earlier date than originally scheduled.

This year, Olga said, is critical for the Russian central bank’s central bank digital currency. In early April 2023, the bank plans to begin CBDC testing with actual customers.

Olga Skorobogatova stated:

“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.”

Need of CBDC Evident During Sanctions

The deputy governor added that 12 banks are now participating in the initiative. The monetary authorities have received applications from non-financial entities and three additional banks. Olga said that since the trial participants are advancing at varying rates, it’s too early to draw conclusions about the current stage’s progress or outcome.

In the wake of Russia’s invasion of Ukraine and Western sanctions, the country’s need to build its CBDC has grown. Ultimately, Russia’s financial system will be autonomous thanks to the incorporation of its digital currency.

Russia’s government agency has created its own international payment blockchain network to replace the Swift system. Different technological companies form the Rostec Group. The organization recently publicized their digital payment method for international payments.

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