Bank of Russia Updates on Digital Ruble Pilot Progress and Expansion Plans
The Bank of Russia has offered an update on the digital ruble, the nation’s central bank digital currency (CBDC), which is currently undergoing a comprehensive pilot program.
Elvira Nabiullina, the Governor of the Bank of Russia, reported that the pilot is proceeding as planned, with real operations involving actual clients. These operations include activities such as wallet creation, citizen-to-citizen transfers, and payments through QR codes. Nabiullina stressed that they are closely monitoring the pilot’s results to pinpoint areas that may require fine-tuning.
Furthermore, Nabiullina revealed plans for the pilot’s expansion in the upcoming year. The expansion will involve the addition of new participants, including clients and legal entities, to further test and develop the digital ruble’s functionalities. Currently, 13 banks are participating in the pilot, spanning across Moscow and ten other cities in Russia. Retail payments are also being tested in Moscow’s subway system, which has traditionally served as a testing ground for technological innovations. Additionally, Olga Skorobogatova, the First Deputy Governor of the Bank of Russia, announced that 16 more banks will join the pilot next year.
The concept of a digital ruble has been gaining momentum, with a recent poll conducted by the Russian SPB Exchange revealing that more than half of Russian citizens are open to storing some of their assets in the digital ruble. However, only 2% of respondents expressed readiness to hold all their savings in digital rubles. Skorobogatova and Nabiullina have expressed expectations that the digital ruble will achieve mainstream adoption in Russia by 2025, signaling the country’s commitment to modernizing its financial infrastructure through CBDC technology.
Clever Robot News Desk 4th October 2023
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