In April 2023, Bank of Russia will introduce the digital ruble

As part of preparations for this day, the Bank of Russia will launch the first consumer pilot for the country’s central bank digital currency (CBDC) on April 1, 2023.

The Russian Central Bank is getting ready to launch the first real-world digital ruble transactions very soon, according to first deputy governor Olga Skorobogatova.

The insider reportedly stated that while the next CBDC pilot would be limited to a specific number of transactions and clients, it will feature real activities and actual Russian consumers.

“We aim to begin the digital ruble project on April 1 with transactions comprising individual transfers as well as payments in trade and service companies,” said Skorobogatova at the Ural Conference on Cybersecurity in Finance.

The deputy governor clarified that while banks would start the pilot with clients who had been chosen in advance, normal consumers would not be permitted to participate in the first round. When the pilot program’s initial phase is through, the Bank of Russia aims to assess ways to boost the value of the digital ruble, according to Skorobogatova.

The consumer CBDC pilot was initially scheduled for 2024, but it was moved forward to a date that was earlier because the Russian central bank was looking for an alternative to the SWIFT payments system. This was done due of Western economic sanctions on Russia.

According to Vladimir Chistyukhin, the Bank of Russia’s first deputy governor, the development of a “golden token” would help Russia build a new investment product that appeals to investors and a payment system that is necessary for international settlement.