The Russian digital ruble’s current pilot program is “on track,” according to Bank of Russia Governor Elvira Nabiullina. Wallet opening and smart contract interactions are among the functions being evaluated. Later this year, Nabiullina verified the pilot expansion and disclosed that more than 25,000 transactions had been recorded.
Russian Digital Ruble Pilot is “on Track,” the Bank of Russia’s governor said.
Russia’s national trials of the digital currency issued by its central bank, the Russian digital ruble (CBDC), are moving forward. During a recent meeting with representatives of private banks, Elvira Nabiullina, the governor of the Bank of Russia, provided an update on the progress of the digital ruble pilot testing.
Nabiullina provided information regarding the number and type of operations attained during this initial round of the tests, stating that the current pilot was “on track.” She disclosed that thirty trading and service organizations from eleven cities, approximately 600 individuals, and twelve credit institutions were involved in the test.
Nabiullina also went into depth about the experiments, which focused on the programmability of the digital ruble and included payments between persons, wallet opening, retail payments, and dealing with smart contacts.
Nabiullina proclaimed:
Approximately 19,000 consumer-to-consumer (C2C) transactions and 6,000 retail and service point payment transactions were completed as part of the experiment.
The statements made by Nabiullina align with her October 2023 update, in which she also stated that the pilot was proceeding “as planned” and that it had expanded to include “new participants, new clients, including transfers between legal entities.”
Although the digital ruble’s release date has not yet been announced, Olga Skorobogatova, the Bank of Russia’s first deputy chairman, hinted in July that it might happen as soon as 2025. She also revealed that, unlike China, which has been introducing the digital yuan in some cities and provinces, the digital ruble will not be used to pay for pensions or other benefits for citizens.
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