The Bank of Russia reports on the primary digital ruble tests as planned however continues to fight against Bitcoin adoption. 



Amid additional reports on the Bank of Russia rejecting the Finance Ministry’s proposal of cryptocurrency regulation, the financial organisation has embarked on trials of its own digital currency. 

The Russian central bank has formally launched the digital ruble trial, with success completing the primary central bank digital currency (CBDC) transfers among voters, the Bank of Russia proclaimed Tues. The launch aligns with the bank’s plans to debut the primary digital ruble transactions in early 2022. 

Three banks out of 12 money institutions within the digital ruble pilot cluster have already integrated the CBDC platform, with 2 of them finishing a “full cycle of digital ruble transfers between purchasers victimization mobile banking applications,” the bank same. 

The first stage of testing can see users open wallets on the digital ruble platform via a mobile application, further as convert non-cash rescript into CBDC and interact victimization the latter tokens. 

At the second stage, the bank plans to check digital ruble as payment for merchandise and services further as related to potential implementations related to smart contracts and interaction with the Federal Treasury. within the future, the financial organisation conjointly plans to introduce digital ruble payments in offline mode and to supply the chance of conducting transactions by non-resident customers, the announcement notes. 

Olga Skorobogatova, Bank of Russia’s 1st deputy governor, expressed that the digital ruble could be a “new chance for voters, businesses and also the state,” adding that such transactions are going to be free and accessible in any region of the country. 

The Bank of Russia conjointly distinguished that the digital ruble are going to be distinctive because it are going to be accessible via a “mobile application of any bank that serves the consumer.” 

The Bank of Russia’s announcement comes amid native reports claiming that the Bank of Russia has formally opposed the Finance Ministry’s crypto-friendly regulation construct introduced on February. 8. 

( Helen Partz, Cointelegraph, 2022)