Although its reactions to digital currencies are mixed, Russia does have one thing on its mind: to launch its own Central Bank Digital Currency as soon as possible.
According to the Bank of Russia project, the digital sector would be launched in 2024. There are two factors for the close date. On the one hand, the war with Ukraine and the economic situation that arose, led him to define a virtual course with his currency. On the other hand, in 2024 there are elections in Russia, and their launch would be part of the campaign to highlight the achievements of Putin’s management.
Thus, in 2024 the Russian central bank hopes to complete the tests of “real money” transactions between clients, and those of settlement between clients and companies. While in 2023 it will do so with smart contracts.
The launch will be gradual, so as not to overwhelm the market, and little by little it will allow payments to be made from consumer to government, from company to government, as well as from government to consumer and from government to company, reported the Russian Bank.
Also in 2025 it would launch the offline mode for the digital ruble, the integration of non-bank financial intermediaries, financial platforms and exchange infrastructure.
“The gradual process of introducing the digital ruble will provide market participants with an opportunity to adapt to new conditions,” the Bank of Russia noted.
The Russian Central Bank would launch the digital ruble in 2025
Twelve banks will work with the Russian Central Bank to test the digital ruble, such as Sber, VTB, Tinkoff Bank and others.
While the crypto ecosystem awaits definitions in Russia on a regulation of the cryptocurrenciesafter its law “On Digital Financial Assets” was launched, Cointelegraph said.