Bank of Russia to Launch Digital Ruble Pilot in 2021
Local reports from Russia indicate the country plans to complete its prototype for a digital ruble before the end of 2021. According to Prime, a financial news outlet, the central bank will launch pilot programs to test the CBDC in 2022 once the prototype is complete.
The report states the Deputy Chairman of the Central Bank, Alexei Zabotkin, confirmed the news during an online conference organized by NES. Zabotkin confirmed plans to launch the “prototype was underway” pending some technological developments. However, users will need to wait longer to use the digital ruble as real transactions will not be activated until the platform's full launch. He added,
“Next year, based on this prototype, taking into account its revision, we will already be launching testing rounds.”
The latest news cement the central bank of Russia’s position in launching its CBDC, an ongoing craze across governments. In October last year, the central bank released a consultative paper on CBDCs, enhancing and advancing payment systems in the country. A week later, the bank stated it had started studying the pros and cons of launching a digital ruble kicking off its development.
Despite the barbarian crypto laws set in the country, massive developments are ongoing in the stablecoin and digital currency fields. Leading state-owned bank Sberbank also announced its plans to launch a blockchain that will host its stablecoin, Sbercoin.