- The pilot program will begin on August 15, 2023.
- Thirteen Russian banks will take part in the Bank of Russia’s pilot program.
- During the test, users will be able to pay with digital rubles at 30 retail outlets across 11 Russian cities.
Less than a month after Vladimir Putin signed the digital ruble bill into law, the Bank of Russia (BoR) announced it will start operational testing of Russia’s central bank digital currency (CBDC) using the digital ruble. The pilot phase is scheduled to begin on August 15, 2023.
According to the Bank of Russia, 13 banks and a limited number of their clients will participate in the pilot trials.
First Deputy Governor Olga Skorobogatova said that beginning pilot operations with actual digital rubles is a crucial step. Running tests in a real-world environment will allow the bank to evaluate the digital ruble platform’s functionality, refine key processes in collaboration with users, consider necessary process adjustments, and ensure a clear and user-friendly customer experience.
CBDC expected to be fully operational by 2025
Skorobogatova explained that the Bank’s approach is to roll out the digital ruble gradually, based on the outcomes of phased testing and after comprehensive trials that cover all potential operational scenarios. She indicated that, if trials are successful, individuals and organizations should be able to use the national digital currency proactively starting in 2025.
The announcement says the pilot’s initial stage will focus on simplifying core procedures, including creating and funding digital ruble accounts (digital wallets), person-to-person transfers, basic automated payments, and using QR codes for purchases of goods and services.
Pilot participants will be able to pay with digital rubles at 30 retail locations in 11 Russian cities. The Bank of Russia plans to expand the pilot by the end of 2023 to include a broader group of individuals and businesses.