Russia's Central Bank announced that it has already conducted the first tests of its central bank digital currency (CBDC), often referred to as the "digital ruble."
What Happened: Bank of Russia announced on Tuesday that it officially launched the trial of its CBDC, with the first digital ruble transfers between citizens having already happened.
See Also: WHAT IS A CENTRAL BANK DIGITAL CURRENCY (CBDC)?
Three out of 12 financial institutions that are taking part in the Bank of Russia's CBDC pilot program already integrated the digital ruble into their platforms. Two of them even completed a “full cycle of digital ruble transfers between clients using mobile banking applications."
The first stage of future testing will see users open digital ruble wallet mobile applications and convert non-cash fiat into CBDC and transact using the tokenized currency.
The second stage will involve testing digital ruble payments for goods and services, as well as smart contract implementations and interaction with the Federal Treasury.
Further along the way, the Bank of Russia also plans to facilitate offline CBDC payments and allow non-residents to transact in the digital ruble as well.
Olga Skorobogatova — Bank of Russia’s first deputy governor — said that the digital ruble will allow for free transactions in all parts of the country and constitutes a “new opportunity for citizens, businesses and the state.”
Related Link: Russia May Soon Recognize Bitcoin And Other Cryptos As Types Of Currency: Local Reports
