Russia delays digital ruble CBDC launch, extends pilot phase indefinitely
According to a local media report, TASS, the central bank of Russia has delayed indefinitely the launch of its digital-ruble project.
The Russian central bank launched a pilot program to test the digital currency it has created in August 2023. This initiative involved 12 banks with around 600 employees who tested wallet functions, automated payments, and transfers.
Businesses are also exploring the use of digital rubles for transactions. The initial plan is to adopt this currency more widely by July 2025.
The launch of the project has been postponed without any new timetable. Instead, the authorities have extended the pilot phase in order to improve technical aspects and to allow banks to assess economic models.
Elvira Nabiullina of the Bank of Russia confirmed the delay. She emphasized that the extra time would help financial institutions adopt new models that will appeal to their customers. She said that the delay is needed to ensure the digital rouble benefits all stakeholders.
Nabiullina says:
“We will move on to the mass implementation of the digital ruble somewhat later than originally planned, namely, after we have worked out all the details in the pilot and conducted all consultations with banks on the economic model that is most attractive to their clients. We will be able to name a new date for the mass launch later.”
Nabiullina highlighted previously the benefits of a digital currency, predicting that it would become a part of everyday transactions by 2031. She emphasized its benefits, such as free transfers for individuals, and lower transaction fees for businesses. This could lead to a wider adoption.
Despite the delay, Russia continues to incorporate digital assets into its economic system. In the last year, Russia has adopted a number of crypto-related laws and regulations, such as tax frameworks, mining laws and other legislation. This is part of its efforts to formalize this sector.
Postings in: Russia, CBDCs. Crypto. Author 
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