Russia has postponed the trial of a digital ruble originally scheduled for April 1, as it awaits a regulatory framework to be adopted before the pilot, according to a report by state-owned news agency TASS.
See related article: Russia plans launch of national crypto exchange
Fast facts
- The pilot run was scheduled for April 1 with 13 banks, but is now delayed indefinitely as relevant legislation has only passed the first reading in the State Duma, the lower chamber of the Russian parliament, the report said.
- Anatoly Aksakov, who heads the State Duma committee on financial markets, said that the law on the digital ruble may be accepted in April and could come into effect in May.
- Russia’s CBDC is expected to reduce the impact of foreign sanctions imposed on it since its invasion of Ukraine in February 2022.
- A CBDC is issued by a country’s central bank, instead of a commercial bank, and its value is equal to the country’s fiat currency. Several governments and central banks globally are experimenting with their own CBDCs to understand how a digital currency would fit into their economic foundation.
- See related article: Russia said to consider digital ruble settlements with China