Russian Banks to Begin Digital Ruble CBDC Testing on Customers
Russia is poised to accelerate its adoption of digital currency with the imminent launch of real-world digital ruble tests. The Central Bank of Russia announced Wednesday that Russia is set to broaden its digital ruble pilot by starting real-world tests with 13 banks next week. President Vladimir Putin is closely monitoring the progress.
Digital Ruble Pilot Launching August 15th
Pilot testing of the digital ruble on real transactions will be launched on August 15th. It will be carried out with the participation of 13 banks and a limited number of their clients. This marks a significant step towards wider digital currency adoption in Russia.
Sberbank to Offer Digital Ruble by 2025
Russia’s largest bank, Sberbank, will start offering the country’s central bank digital currency (CBDC), the digital ruble, to its customers by early 2025, according to Anatoly Popov. This move signals growing acceptance and integration of the digital ruble within the traditional banking system.
Bank of Russia\'s Digital Ruble Project
The Bank of Russia begins testing the digital ruble project on August 15th with 13 banks and select clients. The aim is mass usage by 2025 as the pilot phase is to refine the system and ensure its efficiency and security.
Digital Ruble Testing Since December 2022
The Central Bank of Russia has been testing the digital rouble since December 2022, when it first developed a CBDC prototype of the digital currency platform. Russian banks are preparing to test the digital ruble, the central bank’s digital currency (CBDC), with their customers soon.
Focus on Pilot Testing
The testing phase is expected to thoroughly evaluate the functionality and usability of the digital ruble. Thirteen banks – excluding Russian banks Sberbank and Tinkoff – will be involved in the pilot testing program. These institutions will be able to make payments with the digital ruble, providing valuable insights and feedback for future development.