Bank of Russia Provides Update on Digital Ruble Pilot
The Bank of Russia has provided an update on the ongoing pilot testing of the digital ruble, the country’s central bank digital currency (CBDC). Governor Elvira Nabiullina stated that the pilot is progressing as planned, with real operations and clients involved in testing the functionalities of the digital ruble. The pilot includes activities in Moscow and ten other cities in Russia, with retail payments being conducted in Moscow’s subway. Thirteen banks are currently participating in the pilot, with 16 more set to join next year. The goal is to expand the project by adding new participants, including transfers between legal entities.
Positive Reception for Digital Ruble Among Russian Citizens
A recent poll ordered by the Russian SPB Exchange revealed that over half of all Russian citizens are open to storing some of their assets in the digital ruble. However, only 2% of respondents said they would be willing to keep all their savings in this form. Despite this, both Nabiullina and first deputy governor Olga Skorobogatova anticipate that the digital ruble will achieve mainstream adoption in Russia by 2025.
Hot Take: Digital Ruble Pilot Progressing Smoothly
The Bank of Russia’s pilot testing of the digital ruble is moving forward without any major issues. Governor Nabiullina reported that operations such as wallet openings, transfers between citizens, and payments via QR codes are being successfully tested. The upcoming expansion of the pilot next year will include more participants and involve transfers between legal entities. It is clear that there is a positive reception among Russian citizens for the digital ruble, although full adoption may take some time. With continued progress and fine-tuning based on feedback from the pilot, the Bank of Russia remains on track to achieve its goal of mainstream adoption by 2025.
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