Russia is delaying the rollout of its digital rubles on a large scale to ensure that the pilot moves smoothly and banks align on a viable economic model.
Russia’s Central Bank, Bank of Russia has decided to delay the large-scale rollout of its central bank digital currency, known as a digital ruble, as the authorities work to improve the pilot and discuss the economic model with banks, Russia’s state-supported news agency TASS Reports,
The new launch date will be announced later, officials said, emphasizing the system to ensure benefits to both banks and their customers.
“We will move towards large -scale implementation of digital rubles, which will organize all the consultations after working through all the details in the pilot and all the consultations with banks on the economic model that is the most attractive to their customers. We will be able to announce the new mass launch date later. ,
Elvira Nabilina, Governor of Bank of Russia
The digital ruble pilot began in August 2023, allowing selected banks and users to test the payment. The government had targeted for widespread launch by 1 July, but the schedule is now unclear. The initial stage consists of about 600 employees of 12 banks, testing digital wallets, wallet top-ups, individual-to-individual transfer and opening and closing of automatic payment and transfer.
In a counseling paper from October 2020, central bank reassured Citizens who will supplement the proposed CBDC, not the existing cash and non-cost rubles in replacement. In contrast, China, Russia’s digitization efforts, a major benchmark, Has started To encourage the adoption of state-control currency, to pay civil servants in Changshu state’s salary using your own CBDC, digital yuan.
