Russia’s central bank is ramping up efforts to develop a digital ruble roadmap by the end of 2023. CBR, the central bank of the Russian Federation’s First Deputy Chairman Olga Skorobogatova, spoke about the shift in the deadline. Olga stated that the deadline had been shifted to an earlier date than that which it was set before.
Olga noted that the next year would be very crucial for the Russian central bank digital currency. The bank intends to begin CBDC testing operations in early April 2023 with real clients.
12 banks in Russia are participating in the pilot test currently
“Testing of real operations will give us the opportunity to understand what needs to be tweaked and brought to mind, what to refine, what to change. We want to develop a roadmap for the introduction of the digital ruble at the end of next year.”
Olga Skorobogatova
Twelve banks are presently participating in the experiment, the deputy governor noted. The monetary authority has obtained applications from various non-financial groups as well as three other banks that wish to participate in the trials.
Olga remarked that since the participants of the trial are moving at different paces, it’s quite early to judge the progress and result of the current stage.
“But more than half of the banks in the pilot group are progressing at a very good pace, we meet the stated deadlines.”
Olga Skorobogatova
Russia’s invasion of Ukraine and the tight regulations due to the western sanctions have increased the necessity for the country to develop its CBDC. The ultimate aim is to make the financial system in Russia independent with the integration of its digital ruble.
“In my opinion, all self-respecting states will have a national digital currency within three years. And we will need to build cross-border cooperation in that direction as well.”
In other news, in order to replace the Swift system, the Russian government agency has created its own international payment blockchain network.Â