Bank of Russia to Begin Pilot Testing for Its Digital Ruble in 2022

By Robin Wong | March 25, 2021

The central bank of Russia is reportedly having plans down its pipeline to initiate pilot testing for its central bank digital currency in 2022, as revealed by a senior executive. 

Specifically, Bank of Russia deputy governor Alexey Zabotkin reportedly disclosed – via an online event organized by Moscow’s New Economic School – that the bank is looking to finalize a prototype digital ruble towards the end of this year. 

Zabotkin further revealed that the prototype will reportedly not offer facilitating features for “real transactions”, but instead would function as a starting point to develop the ecosystem on. 

 “Based on this prototype, including refinement, we will start rolling out trial rounds next year,” Zabotkin reportedly stated. 

Previously, the Bank of Russia has reportedly published its official announcement, regarding the development of its CBDC plans, in the later half of 2020. 

The bank has reportedly completed the issuance of a consultation paper, regarding the development of a digital ruble in October 2020. In January, the Association of Russian Banks revealed their comments on the initiative, warning that every model in the Bank of Russia’s proposal could potentially carry numerous risks, related to cybersecurity and fraud.

In February 2021, the Bank of Russia’s first deputy governor Olga Skorobogatova reportedly disclosed the entity’s initiative to work on a concept on the chosen model of the digital ruble. 

She reportedly stated that the bank has not left out the option of making a fee for transfers between digital ruble wallets mandatory. 

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