Russia To Roll Out Its Own Digital Ruble In 2024 – In Time For Elections

Bank of Russia started CBDC testing in 2022 and expects to implement an official banking rollout in the year of presidential elections in 2024. The Bank of Russia continues working towards the upcoming adoption of the central bank digital currency (CBDC), planning an official digital ruble rollout in a few years.According to the Bank of Russia’s latest monetary policy update, the authority will begin to connect all banks and credit institutions to the digital ruble platform in 2024. That would be an important year for Russia as the country is expected to hold presidential elections in....

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....

The Central Bank of Russia plans to begin the comprehensive implementation of the digital ruble two years from now, according to a paper detailing its monetary policy priorities for the 2023 – 2025 period. As the development of the state-issued digital currency continues, the monetary authority intends to gradually connect various financial institutions to the platform. Russia’s Central Bank to Introduce Digital Ruble Currency in 2 Years The Central Bank of the Russian Federation (CBR) has recently published a draft document that sets out the main directions for....

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....

Authorities in Russia are gearing up to amend various pieces of legislation to facilitate the issuing and function of the digital ruble. Officials in Moscow believe this version of the national fiat needs to be regulated separately from other digital forms of money such as cryptocurrencies. Russia Prepares to Trial Digital Ruble, Officials Say CBDC Needs Its Own Regulations Russian lawmakers are planning to begin work on legal changes necessary to implement the digital ruble concept in January 2022. These efforts will commence alongside the launch of an experiment for the central bank....