A rollout of an official digital version of the ruble is scheduled to take place over the next few years, and the Bank of Russia is continuing its efforts toward the imminent adoption of the central bank digital currency (CBDC).
The most recent update to the Bank of Russia’s monetary policy indicates that the regulatory body would start the process of connecting all banks and credit institutions to the digital ruble platform in the year 2024. That would be a crucial year for Russia since presidential elections are scheduled to take place in the nation in March 2024 and the current president, Vladimir Putin, is guaranteed the right to run for re-election under the constitution.
The central bank believes that by that time, not only will it have finished testing customer-to-customer transactions using “actual money,” but it will also have finished testing customer-to-business and business-to-customer settlements.
In addition, the Bank of Russia plans to begin beta testing of digital ruble-based smart contracts for trading in 2023. This testing will be done by a select group of participants.
The financial institution said that it intends to carry out the implementation of the CBDC in a methodical fashion, releasing a variety of additional trials and features each year as it goes along. According to the Bank of Russia, once the Federal Treasury is complete, the digital ruble will also contain payments from consumers to the government, businesses to the government, payments from the government to consumers, and payments from the government to businesses.