Bank of Russia will begin testing CBDC in April
Key Points: The Bank of Russia will conduct the first consumer trial of the country’s digital currency (CBDC) on April 1, 2023.
According to the official, the next CBDC Pilot in Russia will involve real activities and actual consumers, but will be limited to a certain volume of transactions and clients.
The deputy governor clarified that customers who are not selected customers will not be allowed to participate in the pilot stage. Skorobogatova stated that the Bank of Russia will continue to work on scaling the digital ruble after the pilot stage.
The Bank of Russia will soon launch the first consumer trial of its digital currency (CBDC) on April 1. According to Olga Skorobogatova the project will include transactions that involve individual transfers and payments in trade and services enterprises. Skorobogatova stated that banks participating in the pilot had technically confirmed their readiness for the digital ruble to be tested. However, the pilot will only be open to selected customers. Skorobogatova stated that the Bank of Russia will continue to work on scaling the digital ruble after the pilot stage. This is consistent with the timeline the central bank officially unveiled in June 2022. The pilot for consumer CBDC was originally scheduled for 2024. However, the Bank of Russia was forced to bring up the issue earlier due to Western economic sanctions against Russia. Vladimir Chistyukhin, the first deputy governor of the Bank of Russia, thinks that a “golden token” will assist Russia in developing a new, alluring investment product and a required payment method for international settlement.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comAnnieCoincu NewsTags: Bank of RussiaCBDCcentral bank digital currencyTesting CBDC