Russian Authorities Postpone Launch of Central Bank Digital Currency (CBDC)

The launch of the Russian Central Bank’s digital currency, also known as the digital ruble, has been postponed indefinitely due to the insufficient legislative system for its implementation, according to local financial authorities.

Originally, the launch was scheduled for April, with a simulation test planned for 13 local commercial banks, as well as a pilot phase for payments to trade and service enterprises.

Anatoly Aksakov, Chairman of the Russian Financial Services Commission, explained that the digital currency will not be implemented under an experimental legal framework, and that the launch and experiments have been postponed until further notice. However, he expressed optimism that the related law will be adopted next month and come into effect in May.

It is worth noting that the Russian authorities’ first central bank digital currency pilot project will not include participation from general individual customers. The implementation of policies related to the digital ruble is expected to begin in earnest in 2025.

In August of last year, the Central Bank of Russia announced its plan to implement a comprehensive monetary policy related to the digital ruble by 2025. The bank aims to complete the use of the digital ruble in an environment without internet connection and the establishment of a network with non-bank financial institutions and exchanges by then. Connection with credit institutions such as general banks is scheduled for 2024.

The digital ruble platform prototype was completed by the local central bank in December 2021, and a consumer-to-consumer payment experiment was conducted in January of last year. The Russian authorities are eager to launch their central bank digital currency and are working towards creating a robust legislative system for its implementation.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like