The Bank of Russia is preparing to launch the first consumer pilot for the nation’s CBDC on April 1, 2023. Russia’s central bank is set to debut the first real consumer-based digital ruble transaction, reported by TASS.
The central bank got involved with 13 local banks and several merchants for digital ruble transactions, said First Deputy Chairman of the Central Bank, Olga Skorobogatova, on the sidelines of the Cybersecurity in Finance forum.
He said that the upcoming CBDC pilot will involve “real transactions, real consumers, but for a limited number of transactions and for a limited number of clients.”
The Russian Bank plans “to launch the digital ruble project on April 1, with transactions involving individual transfers and payments in trade and service enterprises.” Skorobogatova said that the banks participating in the pilot have technically confirmed their readiness to start testing the digital ruble.
The ordinary customers would not be able to participate in the pilot in the first stage, as the banks will enter the pilot with chosen customers, says the Deputy Governor. Following the first pilot stage, and looking at the operations, the Bank of Russia will plan to determine how to scale the digital ruble further.
The launch of the exchange of the digital ruble for foreign currency and the opening of wallets for non-residents may occur in 2024.
Also read: Bank of Russia Report Suggests Digital Assets Regulation
