A total of 13 Russian banks have signed up to support Russia’s CBDC initiative

On August 15, according to a statement from the Russian Central Bank, trials of the country’s actual digital ruble will begin.

Some economic restrictions were placed on Russia after its invasion of Ukraine. Russia, which is attempting to evade sanctions through cryptocurrencies, is continuing its research into both cryptocurrencies and CBDCs.

Now Russia has made a fresh move. The Russian Central Bank has announced that the country would begin digital ruble testing next week.

On August 15, 13 participating banks and a select group of customers will test the feasibility of a fully digital ruble.

Thirty stores in eleven Russian cities will accept digital rubles from pilot participants. A key milestone for the project has been reached, according to Olga Skorobogatova, deputy president of the Central Bank of Russia.

This will enable us to put the digital ruble platform through its paces in an actual industrial setting, roll out all essential procedures with input from clients, fine-tune operations as needed, and guarantee an easy-to-understand user experience.

Based on the results of the staged testing and the successful completion of piloting all scenarios for operations with the digital ruble, we propose to bring the digital ruble into widespread circulation.

We anticipate that individuals and organisations will have unrestricted access to national digital currency beginning in 2025.

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