JAKARTA - The Russian Monetary Authority will soon start testing the digital ruble by making real transactions in early April. More than a dozen banks will be involved in the pilot phase, with transfers between individuals and payments between trading and service companies being the main focus.
Olga Skorobogatova, Deputy Governor of the Central Bank of the Russian Federation, announced that this would be a "real transaction" and would involve "real customers" from the 13 banks involved in the test.
However, Skorobgatova emphasized that the number of initial transactions and the number of participating clients will be limited. Regular customers will not be able to participate in testing in the first phase. Once testing is complete, regulators will be able to evaluate central bank digital currency (CBDC) use and determine next steps.
The digital ruble project was announced in October 2020, with a prototype CBDC platform finalized in December 2021 and a test phase launched in January 2022. A draft law on the digital ruble was submitted to the lower house of the Russian parliament this past January, and CBR targets a full launch of the currency national digital in 2024.
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In its quest to resolve the CBDC, Russia has stepped up its efforts under pressure from Western sanctions. The opening of a digital ruble wallet has been trialled and plans for the future include using state-issued coins to make payments for public services, implementing smart contracts, and introducing offline transactions.
With the launch of the digital ruble trial phase, the Central Bank of Russia joins several other central banks around the world that are developing national digital currencies.
The advantages of national digital currencies include faster and more efficient transactions and allowing central banks to more easily track money and economic activity. However, there are also concerns about data privacy and security.
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