The Central Bank of Russia has successfully completed the pilot testing of the central bank digital currency (CBDC).
The regulator said that 3 banks out of the 12 financial institutions in the pilot group have already integrated the CBDC platform. Two of them have completed “a full cycle of digital ruble transfers between customers using mobile banking applications.”
In the first phase of testing, users will open wallets on the platform through a mobile app, as well as convert non-cash fiat to CBDC and make transactions using digital ruble.
In the second stage, the bank plans to test the digital ruble as payment for goods and services, as well as other possible implementations related to smart contracts and interaction with the Federal Treasury. In the future, the Central Bank also plans to introduce digital ruble payments in the offline mode and make it possible for non-residents to conduct transactions.
First Deputy Chairman of the Bank of Russia Olga Skorobogatova said that digital ruble is “a new opportunity for citizens, business and the state. She also noted that such transactions will be free and available in any region of the country.
The Bank of Russia noted that the unique digital ruble will be available through “a mobile application of any bank.