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- The Central Bank of Russia is constantly boosting its efforts toward a Central Bank Digital Currency (CBDC).
- The experiment with the real transactions and users is now scheduled for next April.
- The First Deputy Chairman opined that 2023 is a year that is quite important for the Digital Ruble project.
The Central Bank of Russia is consistent with its efforts to test and issue and Digital ruble, with a roadmap for the complete execution of the new form of the fiat which can be expected by the end of next year.
And the experiment with the real transactions and users is also scheduled for next April which is earlier than the decided period.
Olga Skorobogatova, the First Deputy Chairman, highlighted in an interview with the Tass news agency that the Central Bank of the Russian Federation (CRB) would make and define a roadmap for the introduction of the digital ruble by next year’s end. He disclosed a date that was pretty earlier than the originally set one.
Furthermore, the official also highlighted that the regulator intends to initiate testing operations with the Russian Central Bank Digital Currency (CBDC) with real clients at least by April next year, signifying these plans have been altered too.
He opined that 2023 is a year that is quite important for the project and testing of real operations would allow them to analyze as to what needs to be tweaked and brought to mind, what to change and what to refine. They want to develop a roadmap for the digital ruble introduction by next year’s end.
He specified that twelve banks are participating in the pilot currently. And three other banks want to join the trials and the monetary authority has got applications from various non-financial organizations also.
He noted that it is too early to discuss the results from the present stage as the participants are going forward at varying speeds. And over half of the banks in the pilot group are progressing at a good speed.
The need for a CBDC project has become more significant due to the mounting western sanctions over the military invasion that Russia carried out in Ukraine. He also said that the interactions between other countries’ digital currencies and digital rubble is also important in order to make the Russian financial system more independent.
Russia has been contemplating on the digital ruble since October 2020 when a report was released. It is to see how the project would be rolled out.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
