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 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.
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.