The Deputy Governor of the Bank of Russia announced the details of the initial pilot of the digital ruble.
Amid its ongoing initiatives with a central bank digital currency (CBDC), the Bank of Russia has announced another development. The Bank of Russia has announced the first pilot rollout of the digital ruble, partnering with 13 local banks, merchants, and a set of chosen consumers.
Deputy Governor of the Bank of Russia, Olga Skorobogatova, announced the move and said, “We plan to launch the digital ruble project on April 1 with transactions between individuals and payments in trade and service enterprises at the beginning, at this stage.” She also mentioned that the project would go on real customers and real transactions but with limited clients and transactions. They had already partnered with 13 banks that had agreed to the project.
The Bank of Russia had been hinting earlier toward an early rollout of the digital ruble, and the latest development is a progressive step for the launch of the digital ruble in Russia. Though the initial pilot rollout would not involve all customers, a few selected users would be able to participate in the process. Depending on the outcome of the pilot project, the next steps toward scaling up the project would be taken.
Russia has been reeling under the effects of the western sanctions post the Russia Ukraine conflict, for which it has likely fastened plans of rolling out a CBDC and a gold-backed token for exploring new options for cross-country transactions. A successful pilot would enable the Bank to launch the digital ruble commercially as soon as possible.