The Bank of Russia launches digital ruble pilot testing
Pilot testing of the Bank of Russia’s digital ruble central bank digital currency (CBDC) on real transactions will be launched on August 15, 2023. It will be carried out with the participation of 13 banks and a limited number of their clients. The first stage will check basic transactions, including opening of accounts and money transfers to them, person-to-person transfers, simple automatic bill payments, and QR code-based payments. The participants will be able to make payments in digital rubles at 30 points of sale located in 11 Russian cities. Assuming successful completion of the stage-by-stage testing, the the digital ruble will roll out for broad use in 2025. [Read more at the Bank of Russia]
Russian banks have digital ruble questions
The Association of Russian Banks reportedly sent a letter of critical concerns regarding the digital ruble to the Bank of Russia. Although the central bank has said that it will not be compulsory to open a digital ruble account, bankers want that legislated. They also want to know whether they will be compensated for acting as intermediaries. Also, according to digital ruble surveys conducted by local media, few people (15%) know of the plans to introduce the CBDC in 2025, and of those that do only about half know the details. Around half of survey respondents struggled to answer why a digital ruble is needed, and only 13% said they would use the digital ruble. [Read more at Ledger Insights]
*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.
Kiffmeister’s central bank digital currency monthly monitor
Just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at chronicles@kiffmeister.com.
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