Russia's central bank to start digital ruble pilot with 13 banks next week

Odaily Planet Daily News The Russian Central Bank announced on Wednesday that it will start a digital ruble pilot with 13 banks next week to expand the scope of its pilot. In a statement, the Central Bank of Russia said: “The launch of a real digital ruble pilot operation is the most important phase of the project. This will allow us to test the operation of the digital ruble platform in an industrial environment, develop all necessary procedures with the participation of customers, Adjust processes where necessary and ensure customer paths are convenient and easy for users to understand.” Starting in 2025, citizens and businesses should be able to use the central bank’s digital currency “at their own request,” Olga Skorobogatova, the first deputy governor of the Russian central bank, said in a statement. According to the announcement, the test will be conducted with 13 banks and their limited range of customers. The first phase of testing will focus on digital wallets, transfers between citizens, purchases of goods and services using QR codes, and simple automated payments. Specifically, pilot participants will be able to pay in digital rubles at 30 retail outlets in 11 Russian cities. By the end of this year, the central bank will expand the target audience for participation by citizens and businesses. (CoinDesk) According to previous news, Russian President Vladimir Putin signed the digital ruble bill on July 24. The bill is scheduled to take effect on August 1, 2023. Except for one rule, all other rules are ready for implementation. The third article includes amendments to several Russian federal laws, including those related to bankruptcy and inheritance, and is expected to come into force next August. The new legislation formally authorizes the Central Bank of Russia to launch the first CBDC pilot for real consumers in August. Previously, the government was expected to launch a pilot in April with 13 local banks, including major banks such as Sberbank.