Russia needs the digitalruble, top central bank official insists.
the first successful transactions between individual wallets in mid-February. At least a dozen Russian financial institutions are taking part in the experiments which are expected to continue throughout 2022.
Not all participating banks are technically ready to join the tests right now, Skorobogatova admitted. However, she insisted this should not affect the timing of the project to issue the Russian central bank digital currency . The second phase of the trials is scheduled to begin in the fall, Skorobogatova revealed earlier this year. During that stage, the CBR plans to launch operations involving payments for goods and services with the digital ruble as well as government transfers. The bank will also issue smart contracts in collaboration with the Federal Treasury.
The digital ruble is the third incarnation of Russia’s national fiat currency, after paper cash and electronic — bank money — which will be issued by the Russian central bank. Russians will be able to use it both online and offline. The CBR says its CBDC will create new opportunities for citizens, businesses, and the state.
As Russia is struggling with effects of expanding western sanctions over the Ukraine war, calls have been heard in Moscow to turn to cryptocurrencies as a means to