August 10, 2023

Bank of Russia To Start Testing Digital Ruble on August 15

Digital Ruble

Digital Ruble

The central bank of Russia, known as the Bank of Russia (BoR), announced that it would commence testing the country’s digital currency project using digital rubles starting on August 15.

According to a statement from the Bank of Russia, 13 banks and a limited number of customers will participate in pilot tests. Olga Skorobogatova, the first deputy governor of the Bank of Russia, said starting pilot operations with real digital rubles is a crucial step in the project, Cointelegraph reported.

This phase enables testing the digital ruble platform’s capabilities in an industrial setting, the improvement of necessary procedures in partnership with clients, potential process modifications, and ensuring a user-friendly and understandable client experience, the statement read.

Skorobogatova added that the bank aims to promote using the digital ruble through a strategic approach that involves gradual testing and comprehensive trials to ensure successful implementation in all operational scenarios. As per the deputy governor’s statement, it’s anticipated that citizens and businesses will be able to use the national digital currency as per their request, beginning in 2025.

In the pilot program’s first phase, the main goal is to improve basic processes such as setting up and funding digital ruble accounts (digital wallets), conducting digital ruble transactions between individuals, simplifying automated payments, and using QR codes for transactions related to purchases and services.

Participants in the pilot program can use digital rubles to make payments at 30 retail stores in 11 cities throughout Russia. The plan is to expand the number of participants by the end of 2023, including individuals and businesses.

In 2024, the array of transactions will be enhanced, featuring an additional payment scenario utilizing a dynamic QR code and facilitating transfers between legal entities. Furthermore, the scope of templates for uncomplicated automated payments will be extended.

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