The Financial Institution of Russia continues working for the approaching adoption from the central bank digital currency (CBDC), planning the official digital ruble rollout inside a couple of years.
Based on the Bank of Russia’s latest financial policy update, the authority will begin for connecting all banks and credit institutions towards the digital ruble platform in 2024. That might be an essential year for Russia because the country is anticipated to carry presidential elections in March 2024 and incumbent President Vladimir Putin has got the constitutional to get re-elected.
With that time, the central bank expects to accomplish “real money” customer-to-customer transaction trials along with the testing of customer-to-business and business-to-customer settlements.
In 2023, the financial institution of Russia also plan to conduct beta testing of digital ruble-based smart contracts for trades with a limited circle of participants.
The financial institution noticed that it expects to proceed using the CBDC rollout inside a gradual manner, unlocking new different trials featuring over the years. When the Federal Treasury is prepared, digital ruble may also feature consumer-to-government, business-to-government, government-to-consumer and government-to-business payments, the financial institution of Russia stated.
The central bank also expects introducing the offline way of digital ruble by 2025 alongside integration of non-bank financial intermediaries, financial platforms and exchange infrastructure.
“The phased procedure for presenting digital ruble will give you market participants using the chance to adjust to new conditions,” the financial institution of Russia noted.
The Financial Institution of Russia may also cooperate along with other central banks developing their very own digital currencies to handle mix-border and foreign currency operations with digital currencies, the authority added.
Related: ‘Token will defeat cryptocurrency’: Russia debuts palladium-backed gold coin
As formerly as reported by Cointelegraph, Russia debuted its first digital ruble trials in Feb 2022, following its official CBDC roadmap released this past year. The Financial Institution of Russia formerly created several twelve banks to check digital ruble, including major banking giants like Sber, VTB, Tinkoff Bank yet others.
While checking up on the CBDC rollout plans, Russia continues to be somewhat lagging behind its targets to manage the crypto industry. President Putin advised the adoption of crypto regulation multiple occasions before Russia adopted its crypto law “On Digital Financial Assets,” which didn’t change almost as much ast still it lacks many regulatory aspects like crypto mining, taxation yet others.
