- Russian banks are preparing to test the country’s CBDC
- The test has been delayed from April, but will likely go ahead in May
- Russia is also testing retail use of a digital ruble
Russian banks are set to trial the country’s digital ruble as its Central Bank Digital Currency takes another step towards becoming a reality. State-owned news Russian agency TASS reported recently that the process will begin after the regulatory framework is adopted by the end of April-May, with the tests putting Russia further than its ideological opponents in the race to adopt digital currencies.
Test Delayed From April
The digital ruble pilot was originally scheduled to commence on April 1, but due to the legislation only passing through its first reading in the State Duma, the testing has been delayed. Anatoly Aksakov, Head of the State Duma Committee on the Financial Market, stated that the testing of the digital ruble would therefore need to be postponed, but he anticipated that the law on the CBDC will be passed in April and will come into effect in May.
As reported by TASS, 13 banks have confirmed their readiness to participate in the pilot program by engaging in real operations with a limited number of clients. Interestingly, some bank employees will also be participating in the testing of the digital ruble for retail payments, suggesting that Russia has made further steps than other countries that have focused on banks in the initial phase. In parallel, one of the largest insurance companies in the country, Ingosstrakh, will also take part in the initiative.
CBDC Developents Taking Place Globally
2023 has been a busy year for CBDCs, with the UK advertising for candidates to head up its ‘Britcoin’ project and Australia announcing that it is planning a trial of its CBDC with banks and payment providers. Last year, the UAE Central Bank conducted what it still the world’s largest CBDC trial.
