Bank of Russia to Pilot Digital Ruble Settlements in 2023

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Bank of Russia to Pilot Digital Ruble Settlements in 2023 – The governor of Russia’s monetary authority indicated this week that the first settlements with the digital ruble will take place next year. The official, speaking to Russian MPs, emphasized the importance of the new currency to Russia.

According to the approved Financial Market Development Strategy of the Ministry of Finance, the full launch of the digital ruble, Russia’s central bank digital currency, should take place before 2030. The Central Bank of Russia, on the other hand, aims to start testing it in settlements as early as 2023, according to its Chair Elvira Nabiullina, who made the announcement in the State Duma.

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Tass quoted her as saying, “We swiftly produced a prototype of the digital ruble, and now we’re already testing with banks.” We will test settlements in the actual economy next year.

In January, the CBR began testing the digital ruble, and in mid-February, it revealed the first successful transfers between individual wallets. Five financial institutions are now participating, with another seven banks anticipated to join in the next months. The experiments are expected to go until 2022.

According to Nabiullina, the digital ruble will open up new chances for Russia, its population, and enterprises. The government will use it to make targeted payments to help certain areas of the economy and society. Individual transfers will be free of charge, but payments for goods and services could be subject to a minor commission of 0.4–0.7%.

The governor, speaking to members of the lower chamber of parliament, stressed the importance of the digital currency at a time when Russia is facing unprecedented Western sanctions. The CBDC is believed to facilitate not just domestic settlements, but also cross-border payments with Russian Federation partners.

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The president of the Bank of Russia stated her optimism that Russian legislators will pass the required legal reforms to pave the way for the commercial deployment of the digital ruble.

Her demand comes after First Deputy Governor Olga Skorobogatova said earlier this week that pressing forward with the digital ruble initiative is critical and that the bank will not delay the testing.

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