Russia plans to introduce a digital ruble in all banks in 2024 ## Bank of Russia began testing the CBDR in 2022 and expects to official implementation in the banking sector in the year of the presidential election in 2024.
Bank of Russia began testing the Central Bank in 2022 and It expects to make official implementation in the banking sector in the year of the presidential election in 2024.
The Bank of Russia continues to work on the introduction of the digital currency of the Central Bank (CBCB), planning the official introduction of a digital ruble in a few years. According to the latest updating of the bank’s monetary policy, the department will begin to connect all banks and credit organizations to the digital ruble platform in 2024. This will be an important year for Russia, since in March 2024 the country will host the presidential election, and the current president Vladimir Putin has a constitutional right to re -election. By this time, the Central Bank expects to complete the tests of “real money” between customers, as well as testing settlements between customers and business and between business and client. In 2023, the Bank of Russia also intends to conduct beta testing of digital ruble smart contracts to make transactions with a limited circle of participants. The bank noted that the gradual deployment of CBDC is supposed to open up new various tests and opportunities every year. According to the Bank of Russia, as soon as the federal treasury is ready, the digital ruble will also support payments between consumers and the state, between business and the state, between consumers and business. The Central Bank also expects to introduce offline mode for a digital ruble by 2025 along with the integration of non-bank financial intermediaries, financial platforms and exchange infrastructure. "The phased process of introducing a digital ruble will provide market participants with the opportunity to adapt to new conditions," the Bank of Russia noted. The Bank of Russia will also cooperate with other central banks developing its own digital currencies for transaction and foreign exchange operations with digital currencies, the department added. Similar: 'Token will defeat cryptocurrency': Russia produces a coin provided with palladium As Cointelegraph previously reported, Russia conducted the first tests of the digital ruble in February 2022, following the official roadmap of the Central Bank, published last year. Earlier, the Bank of Russia has formed a group of twelve banks to test a digital ruble, which included such large banking giants as Sber, VTB, Tinkoff Bank and others. Not lagging behind the plans for the deployment of the Central Bank, Russia at the same time is somewhat lags behind its goals to regulate the crypto industry. President Putin repeatedly called for the adoption of crypto regulation before Russia adopted the law "On digital financial assets", which has changed little, since it still lacks many aspects of regulation, such as cryptocurrency mining, taxation and others.