Russia plans to roll out digital ruble to all banks in 2024
Bank of Russia started CBDC testing in 2022 and plans to implement formal banking deployment in presidential election year 2024 .
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The Bank of Russia continues to work towards the upcoming adoption of central bank digital currency (CBDC), planning an official rollout of the digital ruble in a few years.
According to the latest update of the Bank of Russia's monetary policy, the authority will start connecting all banks and credit institutions to the digital ruble platform in 2024. This would be an important year for Russia, because the country should hold presidential elections. in March 2024 and incumbent President Vladimir Putin has the constitutional right to be re-elected.
By then, the central bank plans to complete the “real money” customer-to-customer transaction testing, as well as the customer-to-business and business-to-customer settlement testing.
In 2023, the Bank of Russia also intends to conduct beta tests of ruble-based digital smart contracts for transactions by a limited circle of participants.
The bank emphasized that it plans to roll out the CBDC in a phased manner, unlocking new and different trials and features from year to year. As soon as the Federal Treasury is ready, the digital ruble will also feature consumer-to-government, business-to-government, as well as government-to-consumer and government-to-business payments, the Bank of Russia said. /p>
The central bank also plans to introduce the offline mode for the digital ruble by 2025, along with the integration of non-bank financial intermediaries, financial platforms and exchange infrastructure.
>“The gradual process of introducing the digital ruble will provide market participants with the opportunity to adapt to new conditions,” noted the Bank of Russia.
The Bank of Russia will also cooperate with other central banks developing their own digital currencies to conduct cross-border and foreign exchange transactions with digital currencies, the authority added.
Related:
Bank of Russia started CBDC testing in 2022 and plans to implement formal banking deployment in presidential election year 2024 .
New
The Bank of Russia continues to work towards the upcoming adoption of central bank digital currency (CBDC), planning an official rollout of the digital ruble in a few years.
According to the latest update of the Bank of Russia's monetary policy, the authority will start connecting all banks and credit institutions to the digital ruble platform in 2024. This would be an important year for Russia, because the country should hold presidential elections. in March 2024 and incumbent President Vladimir Putin has the constitutional right to be re-elected.
By then, the central bank plans to complete the “real money” customer-to-customer transaction testing, as well as the customer-to-business and business-to-customer settlement testing.
In 2023, the Bank of Russia also intends to conduct beta tests of ruble-based digital smart contracts for transactions by a limited circle of participants.
The bank emphasized that it plans to roll out the CBDC in a phased manner, unlocking new and different trials and features from year to year. As soon as the Federal Treasury is ready, the digital ruble will also feature consumer-to-government, business-to-government, as well as government-to-consumer and government-to-business payments, the Bank of Russia said. /p>
The central bank also plans to introduce the offline mode for the digital ruble by 2025, along with the integration of non-bank financial intermediaries, financial platforms and exchange infrastructure.
>“The gradual process of introducing the digital ruble will provide market participants with the opportunity to adapt to new conditions,” noted the Bank of Russia.
The Bank of Russia will also cooperate with other central banks developing their own digital currencies to conduct cross-border and foreign exchange transactions with digital currencies, the authority added.
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