Russia to Begin Phased Release of Digital Ruble


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Russia’s apex bank has revealed that it has started testing its digital ruble project and it will be rolled out with new features starting from 2023.

According to a document shared by the apex bank, the digital ruble would be used as a real money settlement between individuals and enterprises by 2023.

In 2024, the bank said the project would be used to connect “credit institutions to the digital ruble platform and increase the number of payment options and transactions available using smart contracts.”

The bank said it plans to approach the rollout carefully, so as to avoid missing any vital trial.

Meanwhile, the bank’s aim is to make digital currency usable for individuals, businesses, and the government.

The bank noted that “the phased process of introducing the digital ruble will provide market participants with the opportunity to adapt to new conditions.”

Apart from that, the bank also hopes to extend its use beyond the country. It plans to cooperate with friendly central banks so that the digital ruble can facilitate international transactions.

The banks also want non-bank financial entities and exchanges to come into the picture in 2025 with an offline mode integration.

Russia’s crypto regulatory framework remains hazy. President Vladimir Putin recently signed a bill banning crypto payments in the country.

Governments Embrace CBDCs

While Russia is planning a phased release of its digital ruble, other countries have also made steady progress with their central bank digital currency (CBDC) project too.

South Korea began testing its national digital currency in July. According to local media reports, the apex bank has invited several commercial banks operating in the country to take part in the testing.

Thailand has also recently begun a study about a CBDC project. The Asian country’s apex bank, however, insisted that it is not issuing a retail digital national currency.

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Author : Oluwapelumi Adejumo

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