The Russian Central Bank has begun experiments for its own CBDC. The statement comes as the central bank prepares to begin the trial phase of the CBDC project in early 2022.
Despite President Vladimir Putin’s desire that his administration and central bank come up with an unified regulatory framework for crypto assets rather than outright bans, no agreement has been reached.
The Central Bank of Russia has announced that the first phase of its Digital currency (CBDC). Also, often refers as the “digital ruble,” is now complete.
The Russian Central Bank insists on a crypto ban.
On Tuesday, the Bank of Russia stated that the testing of the CBDC had commenced. That’s, with the first digital ruble transfers between individuals taking place.
Three of the twelve financial institutions taking part in the CBDC pilot program run by the Bank of Russia have already implemented the digital ruble on their systems. According to two of them, they even completed a
“whole cycle of digital ruble transfers between clients utilizing mobile banking applications.”
Before sending tokens to other users, users must first open wallets on the CBDC network utilizing mobile applications. Then, as well as convert their non-cash fiat money into the digital ruble.
The second phase will see digital ruble payments for goods and services. That’s, as well as smart contract implementations and engagement with the Federal Treasury, put to the test.
In the future, the Bank of Russia plans to allow non-residents to participate in the digital ruble and facilitate offline CBDC payments.
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