The Russian Central Bank is working harder than ever to create a central bank digital currency (CBDC). The trial with actual consumers and transactions is planned to take place in April 2023.
2023 – A Crucial Year For Digital Ruble Project
According to First Deputy Chairman Olga Skorobogatova, 2023 will be a crucial year for the Digital Ruble Project. With a roadmap for the full implementation of the new form of fiat, which can be anticipated by the end of next year, the Central Bank of Russia (CBR) is consistent in its efforts to test and issue the Digital Ruble. She gave a date far earlier than the one that had agreed upon. She believed that testing simple operations would enable them to assess what needed to be adjusted, remembered, changed, and refined.
12 Banks Participating in Pilot Currently
By the end of the following year, they hope to have a roadmap for the launch of the digital ruble. She mentioned that there are currently twelve banks taking part in the pilot. The monetary authority has received applications from several non-financial groups and three other banks that wish to participate in the trials. The increasing western sanctions over Russia’s military invasion of Ukraine have made the necessity for a CBDC project more pressing. Olga added that contacts between digital currencies of other nations and digital rubles are crucial to increasing the financial system’s independence.