Bank Of Russia To Kick-Off the Pilot Testing Of Digital Ruble in 2022

The central bank of the Russian Federation is planning to kick off the pilot testing of the prototype for its ruble-backed digital currency by the fall of 2021. Prime, a local news outlet reports the announcement put forwarded by Alexey Zabotkin, Deputy Governor of the Bank of Russia. He said:

By the end of the year, hopefully, we will be able to present a prototype of the digital ruble platform Source: modernconsensus

He happened to announce the plan in an online event hosted by Moscow’s private New Economic School. He further stated:

Based on this prototype, including refinement, we will start rolling out trial rounds next year. Source: Cointelegraph

It officially announced its CBDC plans in the fall of 2020 by issuing a consultation paper on the development of a digital ruble. The announcement was followed by critical feedback, where the Association of Russian Banks warned on Bank of Russia’s proposed model’s vulnerability. However, the Bank of Russia seems very focused on the implementation of its proposal.

Going by the statement mailed to CoinDesk by The Bank of Russia’s Press Office, it stated:

The absolute majority of the feedback we got on our report, 83% of it, supported the idea of the digital ruble. Source: yahoo.com

It further added:

We’re keeping on with the plan we earlier revealed. At this point, we’re in the process of developing the design of the digital ruble, which will be public and discussed with the market participants. The decision on the launch will be made next year based on testing results Source: yahoo.com

In late February, Bank of Russia’s first deputy governor Olga Skorobogatova reportedly claimed on scheduling the development of a concept on the proposed model of the digital ruble. She further explained that they haven’t excluded any possibilities of charging for transfers between digital ruble wallets.

Though the prototype will not assist in “real transactions” as stated by Zabotkin, he is hopeful of the project serving as the genesis for building up the ecosystem. Introduced in October 2020, the project demonstrated the benefits of tracking government spending, provision of digital payment options in areas deprived of internet connection.

Source: Cointelegraph | Image: tass.com | ft.com

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