Simon Ng The Russian Central Bank has provided an update on the ongoing pilot program for its digital ruble, the country’s central bank digital currency (CBDC). The central bank’s media department has indicated that the pilot is slated to run through 2024, with widespread adoption of the digital ruble anticipated in 2025.
Ongoing Pilot of Digital Ruble to Extend Through 2024
In a recent announcement, the Bank of Russia has shed light on the progress and future trajectory of the digital ruble pilot, its venture into central bank digital currency (CBDC). The bank has confirmed that the pilot program is set to extend at least until the end of 2024, proceeding until the digital ruble is fully massified and ready for launch.
As reported by TASS, the Russian state news agency, the bank stated:
The pilot phase is expected to last at least until the end of 2024 and may be prolonged if needed. The digital ruble will be introduced into widespread circulation following the successful completion of this phase.
Furthermore, the bank emphasized that the current phase of the pilot, which commenced on August 15, involves a select group of 13 banks and is operating on a limited scale with a specific set of clients. The bank also announced plans to broaden the pilot’s scope in 2024, incorporating more participants and exploring additional applications.
In terms of the digital ruble’s design, the bank highlighted the absence of transaction fees for individual users, covering activities such as setting up and funding digital wallets, payments for goods and services, and making transfers. “This feature enables citizens to bypass bank-imposed conditions and limits on transfers. Individuals will have the freedom to choose between cash, non-cash, or digital currency based on their preference,” the bank elucidated.
However, for businesses accepting digital ruble payments, a nominal fee of 0.3% will apply. The digital ruble is also being leveraged in the development of international payment systems, notably in a project to facilitate transactions between Russia and the UAE.
We invite your thoughts on this digital ruble pilot update and its projected launch timeline. Share your opinions in the comments section below.
