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16 Sep, 2022 16:57

Schedule for testing digital ruble announced

The Russian digital currency could be used in test mode transactions next year, according to the central bank
Schedule for testing digital ruble announced

The Bank of Russia (CBR) plans to start testing the digital ruble in transactions with real clients starting in April, CBR Governor Elvira Nabiullina said at a press conference on Friday.

“We are now testing the digital ruble with fifteen banks, this is really a test mode on how to open wallets on the digital ruble platform, how to make transfers between customers, how to pay for goods and services, including via QR codes,” she explained, adding that test mode transactions with real clients but in limited volumes could gradually be launched on April 1, 2023.

Nabiullina noted that despite some technological issues, “it is very important for us that there is trust in this new form of digital ruble, all cybersecurity issues have been resolved so that it is seamless, convenient for people and comfortable.” 

The concept of a national digital currency was unveiled by the CBR in late 2020. The new form of money is expected to coexist with cash and non-cash rubles. Unlike virtual currencies such as Bitcoin, the digital ruble is projected to pose minimal risk, as it will be issued by the state monetary regulator and backed by traditional money.

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