The Central Bank of Russia, with its first deputy chairman Olga Skorobogatova at the helm, suggests that the digital ruble might make its debut as soon as 2025. This Central Bank Digital Currency (CBDC) will undergo a pilot test later this year, following the State Duma’s anticipated passing of a bill governing the digital ruble’s operation.
Russia’s Central Bank Forecasts 2025 Launch for Digital Ruble
Reports suggest that the digital ruble, a CBDC, might be ready for launch by 2025, as stated by Olga Skorobogatova, the Central Bank of Russia’s first deputy chairman. She also mentioned that the State Duma, Russia’s parliamentary lower house, is expected to pass a law concerning the digital ruble, following which a pilot test of this digital currency would be conducted.
Skorobogatova noted that the implementation of a digital currency in Russia would be a significant undertaking. She emphasized:
Our priority is ensuring complete safety and flawless operation.
Moreover, unlike China’s digital yuan currently employed for some worker wages, Skorobogatova clarified that the digital ruble would not be used to pay pensions or citizen benefits and would have an account limit of 300,000 rubles (approximately $3,300).
State Duma Anticipates Passing Digital Ruble Law by July
Though the Central Bank of Russia intended to start a pilot test in April, the necessary digital ruble regulations have not been passed by the State Duma.
Nevertheless, the head of the State Duma Financial Market Committee, Anatoly Aksakov, told Izvestia that he expects the laws relevant to the digital ruble to be passed in July. In this scenario, Izvestia reports the pilot test might begin in August.
In May, Aksakov expected the digital ruble law to be passed in June, which did not occur. He had previously highlighted crypto as a method to circumvent the country’s international sanctions, but dismissed the idea of a singular Russian exchange due to potential sanctions from Western countries.
Aksakov, along with other members of the Financial Market Committee, introduced the digital ruble bill to the State Duma in January. This came after the Central Bank of Russia expedited the digital ruble project’s timeline in 2022.
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Frequently Asked Questions (FAQs) about Digital Ruble Launch
When is the digital ruble expected to launch?
The digital ruble is anticipated to be launched as early as 2025, according to the Central Bank of Russia’s first deputy chairman, Olga Skorobogatova.
What is the pilot test for the digital ruble?
The pilot test for the digital ruble is a planned trial period to evaluate and test the functionality of the Russian central bank digital currency (CBDC) before its official launch. It is expected to take place later this year.
What needs to happen before the digital ruble can be launched?
Before the launch of the digital ruble, the State Duma, the lower house of the Russian parliament, needs to pass a bill that regulates the operations and usage of the digital ruble.
Will the digital ruble be used for paying pensions or benefits?
No, according to Olga Skorobogatova, the digital ruble will not be used for paying pensions or benefits to citizens. It is intended for other purposes and will have an account limit of 300,000 rubles.
When is the State Duma expected to pass the digital ruble law?
Anatoly Aksakov, head of the State Duma Financial Market Committee, has expressed his expectation that the digital ruble law will be passed in July. Once the law is passed, the pilot test of the digital ruble could begin as early as August.