Bank of Russia to Pilot Digital Ruble Settlements in 2023
Russia’s monetary authority intends to conduct the first settlements with the digital ruble next year, its governor announced this week. Speaking to Russian lawmakers, the official highlighted the important role the new currency is going to play for Russia under sanctions. Russia to Trial Digital Ruble in Settlements, International Payments The full launch of the digital ruble, Russia’s central bank digital currency (CBDC), should take place before 2030, according to the approved Financial Market Development Strategy of the Ministry of Finance. However, the Central Bank of....
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The Central Bank of Russia (CBR) has accelerated the development of its digital ruble in response to Western sanctions. The monetary authority now intends to pilot transactions with the new version of the national fiat in early 2023 instead of 2024, as originally planned. CBR to Launch Transactions, Smart Contracts With Digital Ruble as Early as Next Year Sanctions imposed over Moscow’s invasion of Ukraine have convinced the Bank of Russia to speed up the development of the digital version of the ruble, the Russian-language edition of Forbes reported, quoting CBR’s First....
Twelve Russian banks including Sberbank, VTB and Tinkoff Bank will help the Bank of Russia test the digital ruble in January 2022. The central bank of Russia is setting up a group of banking institutions to test its central bank digital currency (CBDC) next year.On Tuesday, the Bank of Russia officially announced the establishment of the first pilot group for testing the digital ruble, bringing together 12 Russian banks.The pilot members include Russia’s largest banks like state-backed Sberbank and VTB, as well as major private banks like Tinkoff Bank. Other participants include commercial....
The digital ruble will become an integral part of national settlements by 2023 or 2024, Anatoly Aksakov of the Russian State Duma predicted. Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, believes that the country’s not-yet-launched digital currency is the “highest form of money.”In a Monday interview with state media RT, Aksakov expressed optimism about Russia’s upcoming central bank digital currency, predicting that a digital ruble will become an integral part of national settlements in two or three years.Aksakov said that the Bank of Russia expects....
The Central Bank of Russia and participating commercial banks want to test various types of payments with the digital ruble, the Russian press reported. The plan is to experiment with smart contracts and transactions related to real estate and crypto asset purchases.
Bank of Russia to Launch Smart Contracts on Digital Ruble Platform
Russia’s central bank intends to start implementing smart contracts with the digital ruble next April, the daily Izvestia unveiled this week, quoting the regulator. Until then, the new incarnation of the national fiat will be put to the test....
The Bank of Russia might launch its own CBDC, a digital ruble, after piloting the project at the end of next year, its chairwoman said.