Russian Digital Ruble Pilot to Begin Next Week
The Russian Central Bank has announced that the pilot of its digital ruble will commence next week, with 600 citizens being the first to use the central bank digital currency (CBDC). The initial transactions with the CBDC will take place on August 15 and involve 30 retailers and the selected citizens. The pilot will be conducted in 11 cities across Russia, although the specific cities have not been disclosed. The central bank aims to expand the pilot participant list by the end of the year and plans to allow both citizens and companies to use the digital ruble by early 2024.
Main Points:
- The Russian digital ruble pilot will start next week, with 600 citizens as the initial participants.
- The pilot will begin with transactions involving 30 retailers and selected citizens.
- The pilot will take place in 11 cities across Russia, but the specific cities have not been revealed.
- The central bank plans to expand the pilot participant list by the end of the year.
- By early 2024, both citizens and companies will be allowed to utilize the digital ruble.
Hot Take
The Russian Central Bank’s decision to launch the digital ruble pilot indicates its intention to catch up with China’s digital yuan adoption plans. By starting the pilot in multiple cities simultaneously, the bank aims to emulate China’s successful approach. However, concerns and uncertainties among the Russian population and businesses remain. The success of the pilot and the eventual rollout of the digital ruble will depend on addressing these concerns and demonstrating the benefits of the CBDC to gain widespread acceptance.
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