Olga Skorobogatova, first deputy chairman of the Central Bank of Russia, indicated that the launch of the digital ruble, the Russian central bank digital currency (CBDC), could happen in 2025. The pilot test for the CBDC will be organized later this year after the State Duma, the lower house of the Russian parliament, passes the bill regulating the operations of the digital ruble.
Central Bank of Russia Indicates Digital Ruble Could Be Launched in 2025
The Central Bank of Russia expects the digital ruble, a Russian central bank digital currency (CBDC), to be launched as soon as 2025, according to the reports of Olga Skorobogatova, first deputy chairman of the institution. Skorobogatova also stated that a pilot test of the digital currency is expected to take place this year after the State Duma, the lower house of the Russian parliament, passes the digital ruble law.
The official explained the introduction of a digital currency would be a long process for Russia. Skorobogatova stated:
It is important to us that everything is safe and works perfectly.
Furthermore, she detailed that, unlike the digital yuan that is currently being used as a means of paying wages for some workers in China, the digital ruble will not be used to pay for pensions or benefits for citizens and will have an account limit of 300,000 rubles (a little less than $3,300).
State Duma to Pass Digital Ruble Law in July
While the Central Bank of Russia had planned to start pilot test in April, the State Duma had not yet passed the regulations for digital ruble operations.
However, Anatoly Aksakov, head of the State Duma Financial Market Committee, told Izvestia on Thursday that he expected the digital ruble-relevant bills to be passed this July. In this case, Izvestia states that the pilot test could start in August.
Aksakov had stated in May that he expected the digital ruble law to be passed in June. However, this did not happen. Aksakov had also profiled crypto before as a way of sidestepping the international sanctions of the country, rejecting the idea of having a sole Russian exchange due to the possibility of it being sanctioned by Western nations.
The digital ruble bill was introduced to the State Duma in January by Aksakov and other members of the Financial Market Committee after the Central Bank of Russia accelerated the roadmap for the digital ruble project in 2022.
What do you think about the timeline of the launch of the digital ruble? Tell us in the comment section below.
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