Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

The Central Bank of Russia has emphasized the importance of moving forward with its digital ruble project. According to a statement by a top representative, the monetary authority has no intention to delay the trials despite not all invited banks being ready to participate yet.

Bank of Russia to Experiment With Digital Ruble Payments This Year

The digital ruble is “very much needed,” First Deputy Chairman of Bank of Russia Olga Skorobogatova has recently remarked in a statement quoted by business news portal RBC’s crypto page. The regulator will not delay upcoming tests of the prototype currency platform, the high-ranking official said and elaborated:

If we move quickly with testing and legislative changes, we can implement it in the coming years.

The Central Bank of Russia (CBR) started trials with the digital ruble in January and announced the first successful transactions between individual wallets in mid-February. At least a dozen Russian financial institutions are taking part in the experiments which are expected to continue throughout 2022.

Not all participating banks are technically ready to join the tests right now, Skorobogatova admitted. However, she insisted this should not affect the timing of the project to issue the Russian central bank digital currency (CBDC).