Tags: Bank of Russia

The most common hindrances cited include insufficient information about the technology (22) and concerns about cyber theft and system failures (21).

According to Olga Skorobogatova, first deputy governor of the Bank of Russia, initiating pilot operations using genuine digital rubles represents a pivotal phase within the project.

From 2025 business-to-business transactions will cost $0.16 each, while individual customers will pay 0.3 of the total transaction sum when transferring to commercial accounts.

Russian citizens will not be forced to use the digital ruble, and use of the CBDC will be a voluntary choice for people to make, Bank of Russia governor said last week.

2025–2027 might still seem far away, but the Central Bank of Russia is preparing its CBDC for mass adoption by then.

Document faces confirmation in the higher chamber of Russian parliament and, afterward, the President’s signature.

The bill could be changed regarding debt operations, services for non-residents and the role of the central bank.

The Russian digital ruble pilot launch was delayed until at least May, but the government still hopes to kick off the currency in 2024.

Russia‘s central bank plans to create new institutions to mine crypto assets and settle international payments.

The participating banks, however, express their readiness to proceed with the CBDC pilot.

Russia’s existing regulatory stance on the cryptocurrency industry would potentially lead the country to “direct financial losses,” the RACIB argued.

Digital ruble payments will be launched for retail purchases and peer-to-peer transactions, a central bank official said.

Russia’s central bank is preparing to launch the first consumer pilot for the digital ruble in collaboration with 13 local banks.

Gazprombank, a subsidiary of a state-owned energy corporation, which participates in Russia’s CBDC initiative, fears losing a part of its income as the digital ruble replaces traditional fiat currency.