Central Bank of Russia continues tests Digital Ruble
The Central Bank of Russia emphasized the importance of moving forward with its digital ruble project. According to a statement by a representative, the Russian monetary authority has no intention of delaying the tests, although not all invited banks are ready to participate.
The Central Bank of Russia (CBR) will test further payments in digital rubles later this year. CBR Deputy Governor Olga Skorobogatova rates the digital ruble as “much needed.”
For this reason, the regulatory body does not intend to delay upcoming tests on the prototype currency platform, indicating faster development in testing and legislative changes for implementation in the coming years.
The CBR began testing the digital ruble in January, announcing the first successful transactions between individual wallets as early as mid-February. Although not all participating banks are ready to participate in the tests at this time, according to Skorobogatova, this should not affect the timeline of the project to issue the digital currency by the Central Bank of Russia (CBDC).
Scheduled for later this year, during this second phase, the CBR plans to launch operations involving payments for goods and services with the digital ruble, as well as government transfers. The Bank will also issue smart contracts in collaboration with the Russian Treasury.
As Russia grapples with the effects of expanding Western sanctions on the Ukraine war, calls to turn to the use of cryptocurrencies as a way to circumvent restrictions and fund international trade were heard in Moscow.
The call to make the digital ruble a reserve currency was also issued last month as a way to reduce Russian dependence on the US dollar.