Sanctions convinced Bank of Russia to speed up the development of the digitalruble.
The Central Bank of Russia has accelerated the development of its digital ruble in response to Western sanctions. The monetary authority now intends to pilot transactions with the new version of the national fiat in early 2023 instead of 2024, as originally planned.
Last spring, the Central Bank of Russia announced that the digital ruble’s prototype will be ready by the end of 2021 and devoted 2022 to trials with the participation of commercial banks. It started testing the platform in February of this year andThe users were able to open digital ruble wallets through mobile apps, exchange regular electronic money from their bank accounts for digital rubles, and then transfer the coins between themselves, the CBR detailed.
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