The Central Bank of Russia has begun testing CBDC and is expected to be officially implemented in the 2024 presidential election year.
The Central Bank of Russia is continuing to promote the national digital currency (CBDC) and plans to officially roll out in the next few years.
Follow update from the Central Bank of Russia, the authorities will begin to connect all banks and credit institutions with the digital ruble between here and 2024. That will be an important milestone for Russia for its sake. Presidential elections are scheduled to be held in March 2024 and incumbent President Vladimir Putin is constitutionally entitled to re-election.
By 2023, the Central Bank of Russia will conduct beta testing of smart contracts for the digital ruble with a select group of people/institutions.
They are expected to roll out the CBDC gradually, unlocking new tests and features year after year. As soon as the Federal Treasury is ready, the digital ruble will also feature consumer-to-government, business-to-government, government-to-consumer and government-to-business payments.
The central bank will also introduce an offline mode for the digital ruble by 2025 along with integrations with non-bank financial intermediaries, financial platforms and exchange infrastructure.
“The phased introduction of the digital ruble will provide market participants with the opportunity to adapt to new conditions,” the Bank of Russia noted.
The Central Bank of Russia will cooperate with other central banks to develop their own digital currencies to carry out cross-border operations and foreign exchange with digital currencies, the authorities said. more.
As previously reported, Russia launched its first digital ruble trials in February 2022, after announcing the official CBDC roadmap last year. The Bank of Russia once established a group of 12 banks to test the digital ruble, including Sber, VTB, Tinkoff Bank, etc.
While keeping up with CBDC implementation plans, Russia has fallen somewhat behind its industry regulatory goals. cryptocurrency with many false rumors. In January, the Central Bank of Russia proposed an outright ban cryptocurrency but in March, it "turned the car" with a more open move. Meanwhile, Russia's lower house of parliament voiced opposition to the cryptocurrency ban, demanding comprehensive regulation. In short, it is still not possible to find a common voice on crypto in Russia.
As Coin68 has continuously updated, there are currently more than 100 countries exploring CBDCs in various ways. If the research is successful, Russia will return to the same "front line" with countries pursuing this plan, for example, Nigeria (launched and applied), the Central Bank of France (successfully tested for the market). credit market), Georgia (pilot in 2022), Bank of Mexico (released in 2024), Central Bank of Malaysia (actively exploring CBDC), Commercial Bank of Ukraine (trial based on blockchain Stellar) and most recently the Reserve Bank of Australia (pilot implementation).