Carlos Fernandes Russia’s Central Bank is planning to trial actual settlements with digital ruble transactions between real customers at the beginning of April. This significant news comes as a response to increased popularity of digital payments in Russia. More than a dozen banks are scheduled to join the upcoming stage of the pilot project. This will provide users with a more convenient and secure experience when making purchases and transfers. High-ranking representatives of the bank have announced the news to Russian media.
Russian Central Bank Testing Digital Ruble
On the first day of April, the Central Bank of the Russian Federation (CBR) will commence the next phase of its digital ruble pilot project. Testing will involve real transactions with the new form of the national fiat. Deputy Governor Olga Skorobogatova told journalists that ordinary customers will not be able to participate in the testing at the first stage, but that transfers between individuals and payments between trade and service companies will be permitted. The plan is to start with transfers between individuals and payments between trade and service companies, the top official detailed. Upon completing the tests, the regulator will be able to determine how to scale the use of its central bank digital currency (CBDC).
According to Russian news source, the Bank of Russia will be starting a trial period of actual settlements with digital rubles on April 1st. This trial will allow for greater transparency and security when exchanging money, as well as help to promote the use of digital currencies in Russia.
