Russia’s CBDC Pilot Launch On April 1st
On February 17th, Russia’s Central Bank announced plans to launch a CBDC pilot programme on April 1st. The pilot will include real-world transactions, but it will be limited and not open to the general public. According to reports, 13 banks have indicated their willingness to participate.
If the test is successful, the digital ruble could become a fully functional reality in 2024. Russia has been gradually working to become more crypto-friendly over the last year. The Moscow Stock Exchange announced its intention to begin trading cryptocurrencies in late September.
Russia’s Central Bank reached an agreement with the country’s Ministry of Finance last September on a bill that would allow for cross-border cryptocurrency payments. More recently, it was reported that Sberbank is working on an Ethereum-based platform which it intends to launch in May.
(With inputs from Shikha Singh)
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