According to an update of the central bank from Russia, authorities will start connecting all banks and credit institutions with the digital ruble between now and 2024. This will be a major milestone for Russia. because the country is scheduled to hold presidential elections in March 2024 and current President Vladimir Putin has the constitutional right to be re-elected.
Until 2023, the Central Bank of this country will carry out beta tests of smart contracts for the digital ruble with a select group of people/institutions. They are expected to roll out CBDC gradually, unlocking new tests and features year after year. Once the Federal Treasury is ready, the digital ruble will also feature consumer-to-government, business-to-government, government-to-consumer and government-to-business payments. The central bank will also introduce an offline mode for the digital ruble by 2025, along with integrations with non-bank financial intermediaries, financial platforms and exchange infrastructure.
“The phased introduction of the digital ruble will provide market participants with the opportunity to adapt to new conditions,” he said.
The Central Bank of Russia will cooperate with other central banks to develop their own digital currencies to carry out international operations and exchange with digital currencies, officials said. more. As previously reported, Russia launched its first digital ruble trials in February 2022 after announcing the official CBDC roadmap last year. The Bank of Russia once established a group of 12 banks to test the digital ruble, including Sber, VTB, Tinkoff Bank, etc.
