Individuals in Russia will be able to use the digital ruble in test mode starting April 1

Deputy Governor of the Bank of Russia Olga Skorobogatova spoke about this

17.02.2023 - 11:20

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What’s new? Deputy Governor of the Bank of Russia Olga Skorobogatova said that the regulator will launch a pilot project on digital ruble transactions involving 13 banks starting April 1, TASS reports. At this stage, transactions between individuals and payments in trade and service enterprises will be available. Skorobogatova pointed out that “the pilot will go on real transactions and clients, but on a limited number of transactions and users with banks that have already technically confirmed their readiness.

Material by TASS

What else did Skorobogatova report? Ordinary clients will not be able to participate in the pilot, and the regulator will be able to determine how to scale the use of the digital ruble after its completion.

Skorobogatova said that all 13 banks participating in this stage have passed technical and operational tests. The Central Bank expects institutions to enter the pilot project on April 1 with previously selected clients.

In May 2022, Skorobogatova said that the regulator was studying the possibility of integrating the digital ruble with foreign counterparts. In December, she reported on the regulator’s plans to use digital assets for international payments.

In January, the State Duma included in its agenda for the first reading of the bill on the digital ruble. This is a framework document, a more detailed regulatory framework will be developed by the Central Bank.

VTB has already announced the testing of the digital ruble among its employees.

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