Testing The Digital Ruble: Enhancing Fund Utilization In Russia’s Economy
The Central Bank of Russia and the Russian treasury are contemplating testing the usage of the Russian CBDC, the digital ruble, for budget settlements.
These trials would involve conducting payments to businesses and citizens in CBDC and receiving payments from them in the same digital currency, aimed at streamlining fund utilization. Governor Elvira Nabiullina elaborated on the potential organization of these tests during a recent press conference, highlighting the potential for both inbound and outbound budget-related payments to citizens and businesses.
Finance Minister Anton Siluanov had previously hinted at leveraging the digital ruble for budget expenditures, particularly for targeted payments like social aid and subsidies, though receiving similar payments in CBDC is now under consideration. Despite this, Russian authorities clarified that they do not intend to pay pensions and benefits in digital rubles, unlike China, which has already initiated payments in its CBDC, the digital yuan. Governor Nabiullina provided an update on the ongoing digital ruble pilot, indicating its progress and completion of approximately 25,000 operations, with expectations for a full launch by 2025.
Clever Robot News Desk 28th March 2024
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