The Bank of Russia recently provided an update concerning the ongoing pilot program for its central bank digital currency (CBDC), known as the digital ruble. During a public forum, Elvira Nabiullina, the Governor of the Bank of Russia, asserted that the pilot is progressing according to the planned timetable. She also mentioned that the scope of the pilot would be broadened next year to include more participants and use cases.
Status of the Digital Ruble Pilot
At the forum, Governor Nabiullina elaborated that the pilot program for the digital ruble is active and that the institution is in the process of gathering valuable feedback concerning the various features of this emergent currency. She indicated:
The digital ruble pilot commenced in August with real transactions and actual clients. The project is progressing as scheduled. At present, we are examining various operations, primarily the initiation of digital wallets, peer-to-peer transfers, and payments via QR codes for purchases.
Moreover, Nabiullina emphasized that the outcomes of the pilot are under review to identify any elements that may require adjustments.
Plans for Expansion of the Pilot Program
Nabiullina also outlined plans for extending the pilot program in the coming year. She announced:
Preparations are underway for broadening the pilot next year by incorporating new participants and clients, including transaction capabilities between legal entities.
Currently, 13 banks have successfully completed the prerequisites and have received approval to partake in the initial phase of the pilot. These include operations in Moscow and an additional ten cities across Russia, featuring retail payments in Moscow’s subway system, which has historically served as an experimental ground for technological advancements.
Additionally, Olga Skorobogatova, the First Deputy Governor of the Bank of Russia, confirmed that another 16 banks are slated to join the pilot program next year.
Public Sentiment and Future Outlook
Public sentiment towards the digital ruble has been increasingly positive. A recent survey commissioned by the Russian SPB Exchange revealed that over half of the Russian populace is amenable to the idea of allocating some of their assets in the Russian CBDC. However, it is noteworthy that only a mere 2% of the respondents expressed a willingness to hold all their savings in digital rubles.
Both Skorobogatova and Nabiullina anticipate that the digital ruble will achieve widespread adoption across Russia by the year 2025.
We welcome your thoughts on the current state and future prospects of the Russian digital ruble pilot. Kindly share your views in the comments section below.
Frequently Asked Questions (FAQs) about Digital Ruble Pilot
What is the current status of the Bank of Russia’s digital ruble pilot program?
The pilot program for the digital ruble, Russia’s central bank digital currency (CBDC), is ongoing and progressing according to the planned timetable, as confirmed by the Governor of the Bank of Russia, Elvira Nabiullina.
Who is overseeing the digital ruble pilot program?
The pilot program is being overseen by the Bank of Russia, with Elvira Nabiullina serving as the Governor and primary spokesperson for updates related to the digital ruble.
When did the digital ruble pilot program start?
The pilot program commenced in August with real transactions and actual clients participating. Various functionalities like the initiation of digital wallets, peer-to-peer transfers, and QR code payments are being tested.
Are there plans to expand the pilot program?
Yes, plans are underway to broaden the scope of the pilot program in the upcoming year. This includes incorporating new participants and clients, and enabling transactions between legal entities.
How many banks are currently involved in the pilot program?
As of now, 13 banks have completed the necessary preparations and received approval to participate in the initial phase of the pilot program. Sixteen more banks are slated to join next year.
What is the public sentiment towards the digital ruble?
A recent survey commissioned by the Russian SPB Exchange revealed that over half of the Russian populace is open to the idea of holding some of their assets in the digital ruble. However, only 2% are willing to hold all their savings in the form of digital rubles.
What is the expected timeline for mainstream adoption of the digital ruble?
Both Elvira Nabiullina and Olga Skorobogatova, the First Deputy Governor of the Bank of Russia, anticipate that the digital ruble will achieve widespread adoption across Russia by the year 2025.
More about Digital Ruble Pilot
- Bank of Russia’s Official Update on Digital Ruble
- Governor Elvira Nabiullina’s Public Statement
- Russian SPB Exchange Survey Results
- Overview of Central Bank Digital Currencies (CBDCs)
- Legal Framework for Digital Currencies in Russia