Russia to expand digital ruble pilot

Russian Finance Minister Anton Siluanov announced that the pilot phase of the digital ruble will be expanded next year to include the implementation of specific budget expenditures. The country’s central bank digital currency (CBDC) is planned to be used to settle specific types of budget expenditures. Since the digital ruble CBDC law was approved by President Putin, the digital ruble pilot was launched in August this year, with 13 banks currently participating. The pilot will focus on specific purpose funding, including social payments and subsidies, to purchase or pay for services. The Russian government is also studying the use of digital rubles for international payments as part of a CBDC settlement network, and announced that it will cooperate with the United Arab Emirates to develop a payment system based on digital rubles. (bitcoin.com)