The Russian central bank is stepping up its efforts to develop a digital ruble roadmap by the end of 2023. CBR, the central bank of Olga Skorobogatova, the First Vice-President of the Russian Federation, spoke about the shift in the deadline. Olga stated that the deadline had been moved to an earlier date than previously set.
Olga noted that the next year would be very crucial for the Russian central bank’s digital currency. The bank plans to start CBDC testing activities with real customers in early April 2023.
Currently, 12 banks in Russia are participating in the pilot test
“Testing real operations gives us the opportunity to understand what needs to be adjusted and brought to mind, what we need to refine and what we need to change. We want to develop a roadmap for the introduction of the digital ruble at the end of next year.”
Olga Skorobogatova
Twelve banks are currently participating in the experiment, says the vice-governor. The monetary authority has received applications from several non-financial groups and from three other banks willing to participate in the trials.
Olga noted that since the trial participants are moving at different speeds, it is still quite early to assess the progress and outcome of the current phase.
“But more than half of the banks in the pilot group are progressing at a very good pace, we are meeting the set deadlines.”
Olga Skorobogatova
The Russian invasion of Ukraine and the strict regulations imposed by Western sanctions have increased the need for the country to develop its CBDC. The ultimate goal is to make the financial system in Russia independent with the integration of its digital ruble.
“In my view, all self-respecting states will have a national digital currency within three years. And we will also have to build cross-border cooperation in that direction.”
In other news, to replace the Swift system, the Russian government agency has created its own international blockchain network for payments.