The Bank of Russia has offered an update on the future of the digital ruble pilot, the Russian central bank digital currency (CBDC). The bank’s press service clarified that the pilot will continue throughout 2024 and until the massification of the digital ruble usage, estimated to happen in 2025.
Digital Ruble Pilot to Run Indefinitely Until Its Launch
The Bank of Russia updated the public on the future of the pilot of the digital ruble, the Russian central bank digital currency (CBDC). The institution clarified that the pilot project will continue until at least the end of 2024 and until the final massification and launch of the currency.
According to TASS, a Russian state-owned news outlet, the bank stated:
The pilot will continue at least until the end of 2024 and, if necessary, will be extended. Only after the completion of the pilot will the digital ruble be introduced into mass circulation.
Also, the bank reiterated that the current pilot operations, which started on August 15, included only 13 banks and were limited, involving only an undetermined number of clients. However, the organization revealed that it is ready to expand the scope of this pilot in 2024, adding more members and use cases.
The bank also clarified that the currency design featured zero fees for any operation made by individual customers, including opening and replenishing digital wallets, paying for purchases and services, and completing transfers. “This will allow citizens not to depend on the conditions and limits that banks set for their transfers. At the same time, a person will choose for himself what to use – cash, non-cash, or digital money – depending on your desire,” the bank explained.
However, businesses will have to pay a flat fee of 0.3% for accepting payments in digital rubles. The currency is already being used in developing cross-border payment systems like the open being created to facilitate payments between the Russian Federation and the UAE.
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