MOSCOW, Saturday, July 13, 2024 – Russia’s central bank announced plans to significantly expand its digital ruble pilot program starting in September. The initiative aims to broaden participation and test the digital currency’s functionality with a wider range of users and transactions.
Launched in June 2021, the pilot initially involved a limited group of individuals and banks in select cities. The expansion will see the program “connect more banks” and include “tens of times” more participants, according to a statement released by the central bank on July 4th.
The expanded pilot is expected to involve 9,000 individuals and 1,200 legal entities by year-end. It will facilitate peer-to-peer transactions, payments to merchants, and potentially smart contract functionality, although specifics were not disclosed.
This move reflects the central bank’s goal of integrating the digital ruble nationwide by the end of 2025. The pilot’s success will be crucial in determining the digital currency’s potential impact on Russia’s financial system and its role in future cashless transactions.
