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Russia to Launch Digital Ruble Pilot Project in April 2023

A new pilot project involving the digital ruble is set to launch on April 1, 2023, with the participation of 13 banks, according to a recent report by the Russian news agency TASS. The announcement was made by Olga Skorobogatova, the First Deputy Chairman of the Central Bank of Russia, during the Cybersecurity in Finance Forum in Yekaterinburg.

Olga Skorobogatova

According to Skorobogatova, the project will commence with operations between individuals and payments in trade and service companies, with a limited number of customers allowed to participate initially. The pilot will involve real customers and operations, but on a smaller scale, and only the 13 banks that have confirmed their technical readiness will be allowed to participate. Following the completion of the pilot project, the regulator will determine how to scale up the use of the digital ruble.

It is important to note that regular customers will not be able to participate in the initial stage of the pilot project. However, the regulator plans to introduce digital ruble exchange for foreign currency and wallet opening for non-residents by 2024.

The launch of the digital ruble marks a significant step in the modernization of Russia’s financial system, aimed at increasing efficiency and security. The digital ruble is expected to reduce transaction costs, improve payment speed and safety, provide more financial management options for Russian citizens, and boost the country’s economic growth and competitiveness.

The launch of the digital ruble also signifies Russia’s efforts to keep pace with the global trend towards digital currencies, with many other countries exploring the potential of digital currencies to modernize their financial systems. Russia aims to become a leading developer of digital currencies and to help establish an international framework for their use.

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