Central Bank of Russia: Digital Ruble Launch Expected by 2025

Olga Skorobogatova, the first deputy chairman of the Central Bank of Russia, has indicated that the digital ruble, the Russian central bank digital currency (CBDC), may see its launch by 2025. A pilot test for the CBDC is slated to be conducted later this year, contingent upon the passage of a bill regulating the operations of the digital ruble by the State Duma, the lower house of the Russian parliament.

Central Bank of Russia Anticipates Digital Ruble Launch by 2025 According to reports from Olga Skorobogatova, the first deputy chairman of the Central Bank of Russia, the institution is eyeing the potential launch of the digital ruble, a Russian central bank digital currency (CBDC), as early as 2025. Skorobogatova further stated that a pilot test of the digital currency is anticipated to occur this year, pending the approval of the digital ruble legislation by the State Duma.

Skorobogatova emphasized that the introduction of a digital currency in Russia would undergo meticulous scrutiny to ensure utmost safety and operational efficiency. She remarked:

“We prioritize ensuring the utmost safety and seamless functionality of the digital ruble.”

Moreover, she clarified that unlike the digital yuan, which is presently utilized to remunerate certain workers in China, the digital ruble will not serve as a medium for disbursing pensions or benefits to citizens. Additionally, it will be subject to an account limit of 300,000 rubles (approximately $3,300).

State Duma Expected to Enact Digital Ruble Legislation by July Although the Central Bank of Russia initially aimed to commence the pilot test in April, progress was contingent upon the passage of regulations governing digital ruble operations by the State Duma.

Anatoly Aksakov, the head of the State Duma Financial Market Committee, disclosed to Izvestia that he anticipates the enactment of digital ruble-related bills by July. In such a scenario, the pilot test could potentially kick off in August.

Aksakov had previously projected the passage of the digital ruble legislation in June, although this timeline was not met. He has also previously highlighted cryptocurrency as a potential mechanism for circumventing international sanctions on the country, opposing the establishment of a singular Russian exchange due to concerns over potential sanctions from Western nations.

The digital ruble bill was introduced to the State Duma in January by Aksakov and other members of the Financial Market Committee, following the Central Bank of Russia’s acceleration of the digital ruble project roadmap in 2022.

What are your thoughts on the projected timeline for the digital ruble launch? Share your opinions in the comments section below.

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