In a post on its website, the Russia Central Bank announced the testing of the digital Ruble had commenced with 12 banks invited to onbaord following the creation of a prototype in December 2021.
Some of the banks that were invited include:
Three of the banks from the pilot group have already connected to the platform while 2 have successfully completed a full cycle of digital ruble transfers between clients using banking mobile applications.
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According to Olga Skorobogatova, First Deputy Governor of the Bank of Russia, the digital Ruble will serve the following purposes:
As such, the bank is testing applications related to the identified uses. Testing will run in 2 major stages:
The Russian Central Bank also plans to make the digital Ruble available for offline use, enable interaction with other digital financial services, and usability by non residents.
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