The Bank of Russia has provided an update on the future of its digital ruble pilot, Russia’s central bank digital currency (CBDC). The bank’s press service said the trials will continue throughout 2024 and until mass usage of the digital ruble is expected to occur in 2025.
The Digital Ruble pilot will run indefinitely until launch.
The Bank of Russia has updated the public on the future of the Digital Ruble Pilot, Russia’s central bank digital currency (CBDC). The agency said the pilot project will continue until at least the end of 2024 and until the currency’s final massification and launch.
According to Russian state media outlet TASS, the bank said:
This pilot program is scheduled to continue until at least the end of 2024 and will be extended if necessary. Only after the pilot is completed will the digital ruble be released into mass circulation.
The bank also reiterated that the current trial, which began on August 15, only involved 13 banks and that the number of customers was uncertain. However, the organization said it is ready to expand the scope of this pilot in 2024, adding more members and use cases.
The bank also clarified that the currency design will have zero fees for all actions performed by individual customers, including opening and replenishing digital wallets, paying for purchases and services, and completing transfers. “This allows citizens to not rely on the conditions and limits set by banks for remittances. At the same time, individuals will choose for themselves whether to use cash, non-cash or digital currency, depending on their preferences,” the bank explained.
However, businesses will have to pay a flat fee of 0.3% to accept payments in digital rubles. The currency is already being used to develop cross-border payment systems, such as the Open Payments System, which is being created to facilitate payments between the Russian Federation and the UAE.
What do you think about the Digital Pilot update and its expected release date? Let us know in the comments section below.
Source: Bitcoin.com