“Now testing is going according to plan. There are a number of banks, a number of people. Important technological aspects and basic operations are worked out. Our plans next year are to begin expanding this pilot both in the number of participants and in the types of operations,” said the head of the Bank of Russia.
So far, the government plans to move to the mass introduction of the digital ruble in 2025, she added.
“We will do this only if we go through all stages of piloting successfully,” Nabiullina said
In July, the State Duma, in the second and final third reading, adopted a bill on the introduction of the digital ruble into the banking system. The Central Bank of the Russian Federation, which is assigned the status of operator of the CBDC platform, now has the right to refuse any commercial bank to carry out an operation if it understands that the operation is taking place without the client’s consent.
VTB Bank recently announced that it had developed a technology for withdrawing digital rubles from ATMs in Russia. The bank claims that digital currency can be withdrawn from 14,000 ATMs in the country.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
