Bank of Russia: digital ruble will replace SWIFT

Olga Skorobogatova, First Deputy Governor of the Bank of Russia, also added that a roadmap for implementing the asset into the financial system will appear at the end of 2023

23.06.2022 - 09:20

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What’s new? Olga Skorobogatova, First Deputy Governor of the Bank of Russia, said that the implementation of the digital ruble into the domestic financial system and ensuring cross-border interaction with digital currencies of other countries will replace SWIFT amid Russian institutions’ disconnection from this international system.

News on the TASS website

What other statements have been made? According to Skorobogatova, within three years a national digital currency will appear “in all self-respecting states.” She also noted that a roadmap for implementing the digital ruble will be developed by the end of 2023. Testing in real estate transactions, regular transactions, and payment upon receipt of goods is scheduled for April 2023.

12 banks are now in the pilot group to test the asset on real transactions and customers: SberBank, VTB Bank, Gazprombank, Alfa-Bank, Bank DOM.RF, Rosbank, Promsvyazbank, Tinkoff Bank, SKB-Bank, Ak Bars Bank, Transcapitalbank and Bank SOYUZ. Skorobogatova added that three more banks, as well as several non-financial institutions, want to join the program.

In May, the Bank of Russia postponed the launch of a pilot version of the digital ruble project on April 2023. Previously, it had been scheduled for 2024. The accelerated development is linked to anti-Russian sanctions. Olga Skorobogatova reported that smart contracts would be added to the pilot version of the digital ruble. She also noted earlier that transfers in the national digital currency would be free for Russian citizens and available in all regions.

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