The Bank of Russia is accelerating the plan for the digital ruble project – Finance Bitcoin News

The Bank of Russia is accelerating the plan for the digital ruble project – Finance Bitcoin News

Russia’s central bank continues to step up efforts to test and issue digital ruble, with a roadmap for the full implementation of the new form of national fiat now expected by the end of 2023. Rehearsals with actual transactions and users are scheduled to begin next April, earlier than originally planned.

The Bank of Russia will present a roadmap for digital rubles next year

The Central Bank of the Russian Federation (CBR) will develop a roadmap for the introduction of digital ruble by the end of 2023, said First Deputy President Olga Skorobogatova in an interview with the Tass news agency, revealing an earlier deadline than previously set.

The senior official also noted that the regulator intends to start testing operations with the digital currency of the Russian central bank (CBDC) with real clients as early as April 2023, which indicates that these plans have also been adjusted. Skorobogatova emphasized that the next year will be very important for the project and elaborated:

Testing real operations will give us the opportunity to understand what needs to be refined and made aware, what needs to be refined, what needs to be changed. We want to develop a roadmap for the introduction of digital laundry at the end of next year.

The Deputy Governor pointed out that currently 12 banks are participating in the pilot project. Three more banks want to get involved in the trial, and several non-financial organizations have applied to the Monetary Administration.

Olga Skorobogatova mentioned that it is too early to talk about the results from the current phase because the participants are moving at different speeds. “But more than half of the banks in the pilot group are progressing at a very good pace, we are meeting the stated deadlines,” she said.

The importance of the CBDC project has grown amid rising Western sanctions over Russia’s military invasion of Ukraine. The executive added that the central bank will have to develop cross-border interactions between the digital ruble and the digital currencies of other countries in order to make the Russian financial system more independent.

“In my opinion, all self-respecting countries will have a national digital currency within three years. And in that direction, we will have to build cross-border cooperation, “Skorobogatova commented. “We definitely need to be ready as soon as possible. Plus, this, among other things, solves the problem with SWIFT, because with such integration, SWIFT it will no longer be needed, ”she explained.

The Bank of Russia presented the concept of the digital ruble in a report published in October 2020. The prototype of the CBDC platform was completed in December 2021, and the pilot phase began in January this year. As part of the trial, the CBR and Russian commercial banks plan to test various types of payments in digital rubles, including real estate settlements, the daily Izvestia reported recently. discovered.

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Bank,, Bank of Russia,, banks,, CBDC,, CBR,, Central Bank,, year,, Digital currency,, digital laundry,, pilot,, project,, Guidepost,, Russia,, Russian,, Sanctions,, Testing,, trials

Do you expect other central banks to accelerate the development of their own digital currencies? Tell us in the comments section below.

The Bank of Russia is accelerating the plan for the digital ruble project – Finance Bitcoin News

Lubomir Tassev

Lubomir Tasev is a journalist from Eastern Europe who is familiar with technology, who likes Hitchens’ quote: “Being a writer is what I am, not what I do.” In addition to crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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