The Central Bank of Russia, the Bank of Russia, is also now entering the testing phase of its Central Bank (CBDC) digital currency, known as the digital ruble. According to the Bank of Russia’s latest announcement, the country’s central bank will start testing its digital ruble from next year.
According to the announcement, the Bank of Russia will test its CBDC in 2022. Olga Skorobogatova, the first deputy governor, said in a statement that the Digital Ruble prototype is expected to be released for the first time in December of a press conference. He added more and said:
“We looked at a lot of projects and many would like to say they have a ready to use product but [they don’t] Work for the digital ruble.”
A bank official first announced the plan in a tweet posted April 8.
Пресс-конференция первого заместителя Председателя Банка России Ольги Скоробогатовой и заместителя Председателя Банка России Алексея Заботкина, посвященная концепции цифрового рубля https://t.co/zRAXMtFvSB
– Банк России (@bank_of_russia) April 8, 2021
It has been some time since the Central Bank of Russia was involved in the central bank’s digital currency project. The final step the bank will take is the result of public feedback on the central bank’s digital currency.
This latest announcement by the Bank of Russia shows that the bank is currently considering launching its central bank digital currency, and the start of testing of Digital Ruble will confirm the Russian central bank’s plans. However, it has not been officially announced by the bank when it intends to launch its CBDC.
The Russian bank has now added itself to the list of banks that are already in the testing phase of their respective central bank digital currencies. China is leading the trial of its CBDC, known as the Digital Yuan.