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The Central Bank of Russia will begin in 2023 with real tests on the digital ruble

The Central Bank of Russia will begin in 2023 with real tests on the digital ruble

This topic was published on May 25, 2022 – 12:05

Moscow, May 25 (EFE) .— The Central Bank of Russia will begin testing the digital ruble with real clients and the use of smart contracts in April 2023, the vice-president of the Russian governor, Olga Skorobogátova, announced today.

“We plan to start a pilot project with a real client and real operations from April next year,” the executive said during a meeting of the Association of Russian Banks, quoted by Interfax.

According to Skorobogatova, at the moment “most of the pilot banks are involved in trial operations.”

From next April, he indicated that tests will be carried out on the use of smart contracts, computer programs that facilitate, secure, execute and execute registration agreements between different parties, without the control of any of the agents with whom applies.

The Central Bank of Russia had already expected from 2024 to start digital Ruble exchange transactions with foreign currencies, as well as the creation of wallets for non-resident clients.

As the Russian regulator announced last April, a number of banks are testing, along with the BCR, the issuance of digital Rubles, the opening of digital wallets to citizens and transfers between users.

According to BCR governor Elvira Nabiúlina, this electronic currency, which is not a cryptocurrency backed by a regulator, should make payments cheaper.

Nabiúlina explained that five Russian banks are taking part in the tests and that another seven will enter this phase in the coming months.

The entity also hopes to be able to use the digital ruble in international payments, he said.

Its idea is to issue the digital ruble in parallel with a cash and non-cash ruble, and users will be able to manage it through a digital wallet and use it with the help of mobile or other devices, with an internet connection and no internet connection.

The digital ruble will make it possible to pay for goods and services, disbursements to organizations and the state, make transfers of funds and pay for transactions with financial instruments and digital financial assets, explained the Bank of Russia at the time. EFE

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