Russia wants to introduce its own CBDC nationwide by 2024

Efforts to create its own digital central bank currency (CBDC) are intensifying in Russia. As reported by Bank Rossii in a new document , the Russian currency watchdog wants to introduce the digital ruble across the board from 2024.

Specifically, it says: “In 2024, Bank Rossii will begin to gradually connect all credit institutions to the digital ruble platform and increase the number of available payment options and transactions using smart contracts.”

Some features such as an offline mode and the implementation of other financial providers and exchanges are to be rolled out from 2025.

In April , Russia announced a first testing phase of the digital ruble for 2023. A roadmap for the nationwide integration should then be presented, said Deputy Governor Olga Skorobogatova in June.

In general, Russia is looking for ways to circumvent western sanctions in the wake of the Ukraine war. Central bank boss Elvira Nabiullina admitted at the end of April that the focus on developing your own CBDC is therefore a “high priority”.

In addition, Russia is researching a blockchain-based platform to compensate for the exclusion from the international payment system SWIFT.

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