Digital ruble: The Bank of Russia (BCR) announces the date of the first tests

Next Tuesday, the Central Bank of Russia will proceed to tests for the digital ruble. Thirteen banks, as well as selected clients, will collaborate with this institution in order toassess the effectiveness of the asset, as well as the platform dedicated to it.

Digital ruble, launch of the pilot project

Western sanctions oblige, the Central Bank of Russia (BCR) had to offer its partnersother alternatives adapted to the constraints of the moment. Among them is a CBDC coupled with a single platform that is supposed to support other central bank digital currencies.

Two weeks ago, Vladimir Putin signed a bill on digital currency of the BCR. In other words, the Russian president is giving carte blanche to the mother of local banks to proceed with the first CBDC pilot.

As soon as this signature was affixed, the Bank of Russia announced that it would carry out tests for his MNBC.

The beginning of pilot tests of the digital ruble with real transactions is a crucial step in this project. We will be able to test the functioning of the platform of the digital ruble under real conditions, to verify all the necessary procedures with the customer involvementofadjust processes if necessary and ensuring that the customer journey is convenient and easy to understand for users. Based on the test results, step by step, and provided that the pilot tests of all digital ruble transaction scenarios are successfully completed, we will start issuing the digital ruble for large-scale use. We believe that from 2025 individuals and businesses will be able to actively use the national digital currency, of course if they wish. “, specifies Olga Skorobogatova, first vice-governor of the BCR, on the official website of this institution.

See you on August 15!

Next Tuesday, the Bank of Russia will therefore formalize the first phase of the pilot test of its CBDC. Occasionally, she will check:

  • all basic transactions;
  • I’opening wallets in digital rubles;
  • THE transfers of digital assets from one person to another ;
  • automatic payments of bills and goods and services via a QR code;
  • etc

13 banks local and 30 outlets distributed in 11 Russian cities were chosen for this preliminary phase of testing.

But by the end of the year, the number of participants (individuals and companies included) will be increased.

The BCR also believes thatin 2024 the digital ruble will reach a high level of maturity. Thus, the number of transactions with this asset will increase. Also, the transactions will extend to other areas such as business-to-business exchanges, etc.

Putin, who seems very keen on dedollarization, disappointed bitcoiners with this choice of the CBDC to circumvent the sanctions. However, it will never be able to limit the young Russians currently fully engaged in bitcoin (BTC). Moreover, the country is accusing day by day of an increase in BTC mining activities that can compete with the United States.

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