The Central Bank of Russia is set to launch its first consumer pilot for the country’s central bank digital currency (CBDC) on April 1, 2023.
First Vice-President Olga Skorobogatova said that Russia’s Central bank will soon launch the first digital ruble transactions, along with 13 local banks and several traders.
Skorobogatova said at the Ural Forum Cybersecurity in Finance: “We plan to launch the digital ruble project on April 1, with transactions involving payments in trade and service organizations as well as individual transfers.” Skarabogatova added that banks participating in the pilot have technically confirmed that they are ready to test the digital ruble.
“Transactions will be carried out with a limited number of customers”
The official said the upcoming CBDC pilot will include real operations and real consumers in Russia, but will be limited to a certain number of transactions and customers, local news agency TASS reported.
The Deputy Governor explained that general customers will not be able to participate in the pilot at the first stage, as the banks will enter the pilot with selected customers. Skorobogatova said that after the first pilot phase, the Bank of Russia plans to determine how to further scale the digital ruble.
The latest announcement by Skorobogatova includes the roadmap for the introduction of the digital ruble, which the central bank officially introduced in June 2022. The consumer CBDC pilot, originally scheduled for 2024, was moved earlier at the request of the Russian central bank.
The news came as some Russian officials claimed that the Central Bank of Russia was considering a potential gold-backed token targeting cross-border transactions. Vladimir Chistyukhin, the first vice-president of the Central Bank of Russia, believes that such a gold token will help Russia create a new and attractive investment product and a demanded payment method in international settlement.
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