Bank of Russia extends the completion period of the experimental digital ruble until 2025

 

 

Bank of Russia

extends the completion period of

the experimental digital ruble until 2025

The Central Bank of Russia has confirmed that digital ruble experiments

will continue until 2025, denying allegations that it

 could be widely applied in the coming months.

The Bank of Russia 

announced that the pilot program of 

digital ruble will take a gradual approach.

It will include new commercial banks and technical partners at every stage.

This slow and steady approach could lead to 

the release of the digital ruble by 2025.

The central bank continues to test a range

 of cases of use of the central bank's digital currency.

The digital ruble experiment has been in operation since August

following the establishment of

 a legal framework to support this experiment.

The Central Bank

has confirmed that it 

will continue to progress with 13 commercial banks

It will increase the number of participating

 financial institutions in 2024 to test feasibility.

Next year

The number of participants will be increased, but will remain limited. 

The pilot programme will continue until at least the end of 2024.

It will be extended if necessary.

 The Digital Ruble will not be widely traded until after 

the pilot program is completed.

The cautious approach of the Central Bank of Russia is clearly at odds

With previous allegations of accelerating the development of the central 

bank's digital currency to avoid the strict economic sanctions imposed 

by western powers after the intervention in Ukraine.

Regardless of the initial approach

the report raised eyebrows as Russia's largest commercial bank, Sberbank

skipped the first round of cryptocurrency experiences of central banks.

Another notable absence on the list, Tinkov, Russia's leading digital bank, raises

enthusiastic questions about not being included in the next round of participants.

Includes the initial group of commercial banks

Transcapitalbank، Rosbank Sovcombank، Sinara Bank

وQiwi Bank، MTS Bank، Ak Bars Bank، Promsvyazbank، Gazpkrombank

VTB، Alfa Bank، DOM.RF Bank، Ingosstrakh Bank.

The first phase of the Russian digital ruble experiment

 will involve about 600 people and 30 companies in 11 cities

The programme is expected to be expanded in the coming months.

Central Bank officials indicated that it would not 

be compulsory for citizens to use the digital ruble.

However

they believe that a wide range of incentives 

will increase adoption rates.

Russian central banks are currently exploring a variety of functions to

 showcase central banks' retail-scale cryptocurrencies, focusing on cross

border payment situations.

Since the start of the pilot program

the central bank has established bilateral partnerships with its partners to

 explore cross-border settlements using central banks' digital currencies.

At the local level, the Central Bank has confirmed that it will continue to

 offer free transfers of digital rouble transactions, with a 0.3% commission

applied to accept digital rouble payments.

The Bank of Russia says:

"Free transfers of digital rouble in any amount are one of

 the main advantages of the national digital currency."

"This will allow citizens not to rely on the conditions

 and restrictions imposed by banks on their transfers."