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Russia wants to introduce digital rubles by 2024

 


The Bank of Russia is making great strides with the introduction of its planned central bank digital currency (CBDC), so the digital ruble should be available in a few years if possible.


As the Russian central bank has accordingly announced , it is now planned to start connecting all banks and financial institutions to the technical platform for the digital ruble by 2024. Completion by then would definitely have priority, because the next presidential elections in the country are in March 2024 and Vladimir Putin could then possibly throw the new Russian digital currency into the balance.


Until then, the central bank wants to run through several tests, including “real money transactions” from customer to customer and payments from customers to companies and vice versa.


In 2023, it also wants to conduct beta tests with smart contracts for trading transactions based on the digital ruble, but these tests should initially only take place on a small scale.


According to the central bank, the introduction of the CBDC is to take place in a multi-stage process, with new tests and features being launched every year. As soon as the Russian Ministry of Finance has also created the necessary conditions, direct payments to government agencies should also be possible.


By 2025 there should also be an offline version of the central bank digital currency, by which time non-bank financial service providers should also be connected to the infrastructure of the digital ruble.


"The multi-stage process of introducing the digital ruble will allow market participants to slowly adapt to the new realities," the central bank explains in this regard.


In addition, the Bank of Russia will cooperate with other central banks developing their own digital currencies to improve cross-border payments and foreign currency trading.


Russia held its first digital ruble tests in February 2022. A corresponding roadmap for the CBDC was previously announced at the end of 2021. As a result, a group of 12 Russian banks was formed , including Sber, VTB, Tinkoff Bank and others.

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