Russia delays CBDC launch to finalize economic model with banks

Russia delays the mass deployment of its digital ruble to ensure that the pilot is going well and that the banks align with a viable economic model.

RussiaThe Central Bank of the Russian Bank, has decided to delay the mass deployment of its Central Bank digital cureKnown as Rouble Digital, while managers work to improve the pilot and discuss the economic model with banks, the TASS Russian news agency reports.

The new launch date will be announced later, the authorities said, stressing the need to guarantee that the system benefits both banks and their customers.

“We will go to the mass implementation of the digital ruble a little later than originally planned, namely after working all the details of the pilot and hold all the consultations with the banks on the economic model which is the most attractive for their customers. We will be able to announce the new mass launch date later. »»

Elvira Nabiullina, governor of the Russian bank

The digital ruble pilot began in August 2023, allowing certain banks and users to test payments. The government had targeted For a wider launch by July 1, but the calendar is now clear. The initial phase implies around 600 employees of 12 banks, testing the opening and closing of digital wallets, portfolio recharges, person transfers and automated payments and transfers.

In a consultation document from October 2020, the central bank reassured Citizens that the proposed CBDC will complete, and not replace, in existing cash and in non -monetary rubles in circulation. On the other hand, China, a key reference for the digitization efforts of Russia, began Paying officials in the wages of Changshu’s state using its own CBDC, the digital yuan, to encourage the adoption of state controlled money.