Central Bank of Russia to pilot payments in Digital Rubles in 2023

Central Bank of Russia to pilot payments in Digital Rubles in 2023

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2022-04-25 13:19:33

Today, the governor of Russia’s central bank (CBDC) announced his intention to conduct the first deals with the digital ruble next year. Russia will try digital rubles for regular payments and international payments.

Addressing Russian lawmakers, the official emphasized the important role of the new currency for Russia in the context of sanctions.

The full launch of the digital ruble, Russia’s central bank digital currency (CBDC), will take place before 2030, according to the Financial Market Development Strategy approved by the Ministry of Finance. However, according to the plan, this currency will be “testing in settlements as early as 2023” – Announcement of President Elvira Nabiullina of the Central Bank of Russia (CBR) at the Parliament of the Russian Federation (Duma).

Central Bank of Russia Plans to Use Digital Rubles

Through the Russian news agency TASS (TASS), the president of CBR stated:

“We quickly created a prototype of the digital ruble, which we are currently testing with banks. Next year, we will pilot settlements in the real economy.”

CBR started experimenting with the digital ruble in January and announced the first successful transactions of personal wallets in mid-February. With the trial participation of 5 financial institutions, 7 other banks , the program is expected to continue throughout 2022.

Nabiullina affirmed that the digital ruble will create new opportunities for Russia, its people and businesses. The government uses this currency for targeted payments to support certain sectors of the economy and social sectors. Transfers between individuals are free, while payments for goods and services may be subject to a small commission from 0.4 – 0.7%.

Addressing members of the lower house, the governor emphasized that digital currency will play a special role. Especially in the context that Russia is currently under unprecedented Western sanctions. The CBDC is expected to facilitate not only settlements within the territory of the Russian Federation, but also cross-border payments with Russian partners.

The head of the Bank of Russia expressed hope that the Russian delegates will adopt the necessary legal amendments to create the basis for the commercial implementation of the digital ruble.

Her appeal came shortly after Deputy Governor Olga Skorobogatova stressed the importance of moving forward with the digital ruble project and ensuring the bank would not delay it.

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