The Central Bank of Russia has revealed its anticipation of launching the digital ruble, the country's central bank digital currency (CBDC), as early as 2025. Olga Skorobogatova, first deputy chairman of the central bank, made this announcement, highlighting that a pilot test for the CBDC is scheduled for later this year. The initiation of the test, however, hinges upon the State Duma, the lower house of the Russian parliament, passing the bill that regulates the operations of the digital ruble.
Skorobogatova emphasized that the introduction of the digital ruble is a meticulous and elaborate process, underscoring the importance of ensuring safety and seamless functionality. While drawing a comparison with the digital yuan used for wage payments in China, she pointed out that the digital ruble would not serve as a medium for pension or benefit disbursements to citizens. Moreover, it will impose an account limit of 300,000 rubles, which is slightly less than $3,300.
Although the pilot test was originally slated to commence in April, the absence of regulatory framework from the State Duma postponed the plans. However, Anatoly Aksakov, head of the State Duma Financial Market Committee, expressed confidence that the relevant bills pertaining to the digital ruble would be passed in July. Consequently, if all goes as planned, the pilot test could commence as early as August, according to reports from Izvestia.
Aksakov had previously projected the passing of the digital ruble law in June, but the timeline had to be adjusted. He also highlighted the potential of cryptocurrencies as a means to bypass international sanctions, cautioning against the establishment of a solitary Russian exchange to avoid the risk of Western nations imposing sanctions on it.
The digital ruble bill was introduced to the State Duma in January by Aksakov and other members of the Financial Market Committee. This came after the Central Bank of Russia expedited its roadmap for the digital ruble project in 2022, indicating the growing significance and progress of this ambitious venture.
