Russia’s CBDC Trial Postponed: What’s Next for the Digital Ruble?
According to state-owned news agency TASS, the scheduled trial of Russia's digital ruble has been delayed from its expected April 1 start date due to the regulatory framework required for the pilot not yet being adopted.
The Central Bank Digital Currency (CBDC) legislation is expected to be approved by the Russian State Duma in the coming month.
The digital ruble pilot will begin including 13 banks, once it goes into effect in May. Some employees from participating banks, as well as employees from major insurance company Ingosstrakh, will reportedly become test participants for CBDC retail payments.
This group of selected individuals will test the efficacy of CBDC retail payments once the pilot run of the digital ruble starts.
The use of smart contracts in the digital ruble is expected to reduce the operational load of banks and make deals more transparent. Russia hopes implementing CBDC technology will bring innovation and growth opportunities to the industry.
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The digital ruble pilot program is expected to be limited in scope initially, with only a select few customers from participating banks permitted to participate.
Still, the Bank of Russia will evaluate expanding the program after the initial phase. Several other nations, including Japan, Brazil, India, and China, have also shown interest in introducing their own CBDCs.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
