The Bank of Russia is working on the upcoming adoption of a central bank digital currency (CBDC), with plans to unveil a digital ruble within the next two years, according to Cointelegraph.
As reported by Cointelegraph, Russia’s latest monetary policy update said the authority will start connecting all banks and credit institutions to the digital ruble platform in 2024, which is supposed to be a important year for the country’s presidential elections. Within this timeframe, the country’s central bank plans to complete “real money” customer-to-customer transaction testing as well as customer-to-business and business-to-customer transaction testing. In 2023, the Bank of Russia also aims to conduct beta testing of ruble-based digital smart contracts for transactions through a limited number of participants.
Information from Cointelegraph has indicated that the Bank of Russia plans to continue rolling out the CBDC in a phased rollout perspective, with features unlocking new and different trials and features year by year. With Federal Treasury preparations expected to be underway, the digital ruble is expected to feature in different types of payments such as consumer-to-government, business-to-government, government-to-consumer, government-to-business, among others. . The central bank also plans to introduce the offline form of the digital ruble by 2025 alongside the integration of non-bank financial intermediaries, financial platforms and exchange infrastructure.
According to data reported by Cointelegraph, in a statement given by the Bank of Russia, said that the process of introducing the digital ruble will be aimed at providing market participants with the ability to adapt to different conditions. In addition, the Bank of Russia will seek cooperation with other central banks that are developing their own digital currencies, with the aim of conducting cross-border transactions and currency payments with digital currencies. In February 2022, Russia launched its first digital ruble trials, in line with its official CBDC roadmap released last year. The Bank of Russia previously formed a group of 12 banks to test its digital ruble, which included Sber, VTB, Tinkoff Bank, among others.
(With information from Cointelegraph)
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