Summary:
The Russian Central Bank will pilot its digital ruble on Moscow’s metro system in an effort to fast-track the launch of its token. The pilot, which begins on August 15th, will allow a “closed focus group” of Moscow-based citizens to trial paying their fares using the CBDC. Customers can pay directly from their CBDC wallets or use the coin to buy a Troika travel card. The Moscow Metro is updating its IT networks to accept digital ruble payments and, if successful, the testing will be expanded to other forms of public transport. The Central Bank aims to add more commercial banking partners to the pilot, with a second group of 16 banks ready to join soon.
Key Points:
– The Russian Central Bank will pilot its digital ruble on Moscow’s metro system.
– A “closed focus group” of Moscow-based citizens will trial paying their fares using the CBDC.
– Customers can pay directly from their CBDC wallets or use the coin to buy a Troika travel card.
– The Moscow Metro is updating its IT networks to accept digital ruble payments.
– The Central Bank aims to add more commercial banking partners to the pilot, with a second group of 16 banks ready to join soon.
Hot Take:
The pilot of the digital ruble on Moscow’s metro system is an important step in testing the viability and usability of a central bank digital currency. By involving everyday citizens in the trial, the Russian Central Bank can gather valuable feedback and ensure that the digital ruble meets the needs of its users. The partnership with the Moscow Metro also demonstrates the potential for CBDCs to be integrated into existing infrastructure and everyday transactions. If successful, this pilot could pave the way for wider adoption of the digital ruble in Russia’s public transport system and beyond.
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