Russia will roll out a digital rubble in 2024, according to the Bank of Russia which began testing CBDC in 2022 and plans to launch an official banking rollout in 2024, the year of the presidential elections.
The adoption of the central bank digital currency (CBDC) is still being advanced by the Bank of Russia, with the official launch of the digital ruble expected for a few years from now.
Russia Will Roll Out A Digital Rubble In 2024
According to the Bank of Russia’s most recent monetary policy statement, the agency will begin integrating all banks and credit institutions into the digital ruble network in 2024. It is expected that Russia will have presidential elections in March 2024, and current President Vladimir Putin is eligible to compete for reelection under the country’s constitution. So that would be a significant year for the country.
By that time, the central bank hopes to have finished testing customer-to-customer “real money” transactions as well as customer-to-business and customer-to-customer settlements.
A select number of participants will be used by the Bank of Russia to beta test digital ruble-based smart contracts in 2023.
The bank made it clear that the CBDC deployment would go gradually, with more features and experiments being added each year. As soon as the Federal Treasury is prepared, the digital ruble will also support consumer-to-government, business-to-government, government-to-government, and government-to-business payments.
By 2025, the central bank also expects to have offline mode for the digital ruble, non-bank financial intermediaries, financial platforms, and exchange infrastructure integrated.
“The phased process of introducing the digital ruble will provide market participants with the opportunity to adapt to new conditions,” the Bank of Russia stated.
Cross-Border And Foreign Currency Operations
The Bank of Russia will work with other central banks to develop their own digital currencies so that it may undertake cross-border and foreign exchange transactions using them, according to the authorities.
The first digital ruble testing in Russia began in February 2022, after the official release of the CBDC strategy. The Bank of Russia chose twelve banks, including well-known companies like Sber, VTB, Tinkoff Bank, and others, to test the digital ruble.
Russia has delayed slightly in its attempts to control the cryptocurrency sector while adhering to the CBDC deployment timeline. President Putin campaigned for the approval of Russia’s cryptocurrency law “On Digital Financial Assets” on multiple occasions before it was passed. The measure still lacks critical regulatory components like crypto mining, taxes, and other crucial ones, thus little has changed as a consequence.
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