The Bank of Russia (BoR) has announced that it will commence the operational testing phase of Russia’s central bank digital currency (CBDC) using digital rubles. The pilot program, which will begin on August 15, 2023, will involve the participation of 13 Russian banks and a small number of their clients. During the test, users will be able to use digital rubles to make purchases at 30 retail locations spread across 11 Russian cities.

CBDC to Be Fully Operational by 2025

The Bank of Russia’s strategy is to gradually introduce the digital ruble for widespread use, based on the results of extensive trials covering all potential operational uses. It is expected that starting in 2025, individuals and organizations will be able to actively use the national digital currency at their own discretion.

FAQ

What is the CBDC pilot program?

The CBDC pilot program is the operational testing phase of Russia’s central bank digital currency, the digital ruble. It involves the participation of 13 Russian banks and a small number of their clients.

What will users be able to do during the pilot program?

During the pilot program, users will be able to use digital rubles to make purchases at 30 retail locations spread across 11 Russian cities.

When will the CBDC be fully operational?

Based on the results of extensive trials, the Bank of Russia anticipates that the CBDC will be fully operational and available for widespread use by individuals and organizations starting in 2025.