Russia is slowing down the massive deployment of the digital ruble so that pilots run smoothly and banks are aligned to a viable economic model.
Russia's central bank, the Bank of Russia, has decided to slow the massive deployment of the central bank's digital currency, known as the digital ruble. Officials are working to improve pilots and discuss economic models with banks, reports TASS, a Russian state-backed news agency.
Authorities said the new release date will be announced later, highlighting the need for the system to benefit both the bank and its clients.
“We will move on to a larger implementation of the digital ruble a little later than originally planned. This means we will look into all the details of the pilot and hold all the consultations with the banks that are the most attractive economic model for our clients. We will be able to announce a new, large launch date later.”
Elvira Naviurina, Governor of the Bank of Russia
The Digital Louvre Pilot began in August 2023 and is now available for selected banks and users to test payments. The government had been aiming for a wide range of releases by July 1st, but the timeline remains unknown now. In the early stages, around 600 employees from 12 banks will be involved to test open and close digital wallets, top up wallets, person-to-person transfers, automated payments and transfers.
In the October 2020 cooperative discussion paper, the central bank reassured citizens that the proposed CBDC is circulating rather than complementing existing cash and non-cash rubles. In contrast, China, a key benchmark in Russia's digitalization efforts, has started paying Changshu state salaries using its own CBDC, Digital Yuan, to encourage the adoption of state-controlled currency.
