BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

Bank of Russia to begin CBDC trials with 13 banks

by BlockNews Team
August 11, 2023
in Crypto, Finance, Media
A A
Bank of Russia to Test International Crypto Payments With Companies
1
SHARES
Share on TwitterShare on Reddit
  • The Bank of Russia is set to begin central bank digital currency pilot trials with 13 banks. 
  • The Deputy governor of the Bank of Russia believes the project has reached a pivotal point. 
  • The bank plans to bring the digital rubles into widespread use. 

The Bank of Russia has reached a pivotal phase within its CBDC project, according to the first deputy Governor of the bank, Olga Skorobogatova. In a recent report, the bank said they would begin testing operations for the Russian central bank currency (CBDC) project with digital rubles by August 15th. 

In a statement released by the bank, there are indications that the pilot testing will involve the participation of 13 banks that have been chosen and their restricted group of clients.

According to the bank’s deputy governor, the initiation of pilot operations making use of genuine rubles is a significant phase in the project. It is a step that facilitates the examination of the digital ruble platform’s functionality, making use of an industrial use case, the refinement of essential collaborations with clients, potential process adjustments, and the assurance of an experience that is entirely user-friendly and understandable.

Skorobogatova then added that the bank’s primary strategy hinges on bringing the digital ruble into the mainstream and widespread use, involving the outcomes of gradual testing and also heavily relies on the successful execution of comprehensive trials that include all operational possibilities of the digital ruble. 

According to Skorobogatova, there is an expectation that starting in 2025, businesses and citizens will be able to use the National digital currency at their request. In addition to the announcement, the initial phase of the pilot program will be heavily focused on refining the fundamental processes, which includes the establishment and funding of digital ruble accounts (digital wallets), digital ruble transactions among individuals, uncomplicated automated payments, and the active utilization of QR codes for transactions that include services and purchases.

Banks taking part in the pilot testing will have the chance to employ digital rubles for payments at 30 retail outlets situated across 11 cities in Russia, intending to broaden the roster of pilot participants by the end of 2023, which covers the inclusion of both businesses and individual clients. 

By 2024, there will be a transformation in the array of transactions, with an added feature of payment scenarios utilizing a dynamic QR code and facilitating transfers between legal entities. In addition, the scope of templates for easy automated payments will receive an extension.

Conclusion

The introduction of the digital ruble was previously postponed indefinitely due to an issue in its legislation which had only advanced through the initial reading in the state Duma, which is responsible for constituting the lower chamber of the federal assembly. 

Russia has now proceeded with the central bank’s digital currency innovation as the country’s president, Vladimir Putin, put into action the digital ruble legislation on July 24, which was barely a month ago. 

Tags: CBDCCentral BanksRussia
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

Analysts Predict SHIB to Surge 37% in June 2025 Amid Whale Activity Spike
Crypto

Analysts Predict SHIB to Surge 37% in June 2025 Amid Whale Activity Spike

May 29, 2025
Top 3 Altcoins to Watch Before Bitcoin’s Next Surge: Still Early
Bitcoin

Top 3 Altcoins to Watch Before Bitcoin’s Next Surge: Still Early

May 29, 2025
Ethereum Bulls Target $2.7K Ahead of $2.4B Options Expiry: What Does This Mean for Your Bags?
Crypto

Ethereum Bulls Target $2.7K Ahead of $2.4B Options Expiry: What Does This Mean for Your Bags?

May 29, 2025
Historical Bullish Trend for Solana Signals 180% Rally to $300 if THIS Key Technical Holds
Crypto

Historical Bullish Trend for Solana Signals 180% Rally to $300 if THIS Key Technical Holds

May 29, 2025
Analysts Predict Solana to Dump 40% Against Ethereum as Memecoin Craze Subsides: What Should You Do?
Crypto

Analysts Predict Solana to Dump 40% Against Ethereum as Memecoin Craze Subsides: What Should You Do?

May 29, 2025
Trump Continues to Bash Fed Powell Over Interest Rate Decision
Finance

Trump Continues to Bash Fed Powell Over Interest Rate Decision

May 29, 2025
Load More

Related News

Analysts Predict SHIB to Surge 37% in June 2025 Amid Whale Activity Spike

Analysts Predict SHIB to Surge 37% in June 2025 Amid Whale Activity Spike

May 29, 2025
Top 3 Altcoins to Watch Before Bitcoin’s Next Surge: Still Early

Top 3 Altcoins to Watch Before Bitcoin’s Next Surge: Still Early

May 29, 2025
Ethereum Bulls Target $2.7K Ahead of $2.4B Options Expiry: What Does This Mean for Your Bags?

Ethereum Bulls Target $2.7K Ahead of $2.4B Options Expiry: What Does This Mean for Your Bags?

May 29, 2025
Historical Bullish Trend for Solana Signals 180% Rally to $300 if THIS Key Technical Holds

Historical Bullish Trend for Solana Signals 180% Rally to $300 if THIS Key Technical Holds

May 29, 2025
Analysts Predict Solana to Dump 40% Against Ethereum as Memecoin Craze Subsides: What Should You Do?

Analysts Predict Solana to Dump 40% Against Ethereum as Memecoin Craze Subsides: What Should You Do?

May 29, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.