Bank of Russia Initiates Testing of Digital Ruble CBDC Operations

The Bank of Russia (BoR) has announced that it will begin testing central bank digital currency (CBDC) operations with digital rubles.

The exam will commence on August 15. Thirteen banks and a portion of their customers will take part in the pilot experiments, according to a statement from the Bank of Russia.

According to Olga Skorobogatova, the first deputy governor of the Bank of Russia, the initiation of pilot operations utilizing authentic digital rubles is a crucial stage of the project.

This phase facilitates the examination of the digital ruble platform’s functionality within an industrial context, the refinement of essential procedures in collaboration with clients.

The identification of potential process adjustments, and the assurance of a user-friendly and understandable client experience.

Skorobogatova also said that the bank’s plan is for the digital ruble to be used by a large number of people, but this will depend on the results of progressive testing and the successful completion of large-scale trials involving all of the digital ruble’s operational possibilities.

According to the deputy governor, citizens and enterprises will be able to actively use the national digital currency on their own initiative beginning in 2025.

According to the announcement, the initial phase of the pilot program will concentrate on refining fundamental processes, such as the establishment and funding of digital ruble accounts (digital wallets), digital ruble transactions between individuals, simple automated payments, and the use of QR codes for transactions involving the purchase of goods and services.

Participants in the pilot program will be able to use digital rubles to make purchases at thirty retail locations in eleven Russian cities.

By the end of 2023, it is anticipated that the roster of pilot participants will be expanded to include both individuals and enterprises.

In 2024, the variety of transactions will be expanded with the inclusion of a payment scenario involving a dynamic QR code and the facilitation of transfers between legal entities.

In addition, the range of templates for straightforward automated payments will be expanded.

The introduction of the digital ruble pilot had been postponed indefinitely because its legislation had only passed its first reading in the State Duma, the lower chamber of the Federal Assembly.

The digital ruble legislation was enacted on July 24 by President Vladimir Putin.