Elvira Nabiullina, Governor of the Bank of Russia, stated that the current pilot test of the Russian digital ruble was “on track,” with several operations being tested, including opening wallets, and interactions with smart contracts. Nabiullina revealed that over 25,000 transactions were registered, and confirmed the pilot expansion later this year.
Russian Digital Ruble Pilot ‘on Track,’ According to Governor of Bank of Russia
Russia is progressing in its national tests of the Russian digital ruble, its central bank digital currency (CBDC). Elvira Nabiullina, governor of the Bank of Russia, recently offered an update on the advance of the digital ruble pilot tests, during a meeting with representatives of private banks.
Nabiullina stated that the ongoing pilot was “on track,” offering details about the volume and nature of operations reached during this first phase of the tests. She revealed that twelve credit institutions, about 600 individuals, and thirty trading and service companies from eleven cities were taking part in the test.
Furthermore, Nabiullina detailed the tests involved payments among individuals, opening wallets, retail payments, and interacting with smart contacts, emphasizing the programmability of the digital ruble.
Nabiullina declared:
As part of the pilot, we carried out about 19 thousand C2C (consumer to consumer) transactions and about 6 thousand when payment is made at retail and service points.
Nabiullina’s remarks are consistent with her October 2023 update, where she also informed that the pilot was going “as planned,” and reported an expansion to include “new participants, new clients, including transfers between legal entities.”
While there is still no announced date of release of the digital ruble, Olga Skorobogatova, first deputy chairman of the Bank of Russia, stated in July that it might be launched as soon as 2025, revealing that it will not be used to pay for pensions or benefits for citizens, different from how China has been introducing the digital yuan in certain cities and provinces.
What do you think about the update on the Russian digital ruble pilot offered by Governor Nabiullina? Tell us in the comments section below.
