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Seeking Alpha 2023-02-17 21:48:37

Russia's central bank to roll out digital ruble pilot in April

Russia's central bank to roll out digital ruble pilot in April
The Bank of Russia is going to launch a pilot program for the country's central bank digital currency on April 1, according to a Friday report by local news agency TASS, citing the central bank's first deputy chairman, Olga Skorobogatova. The project will initially involve testing out the BoR's digital ruble, with the participation of 13 banks, with "transactions between individuals and payments in trade and services," Skorobogatova said at a fintech conference in Russia. The participating banks will enter the pilot with selected customers, the report noted. After the first pilot, the Bank of Russia, which first started exploring a CBDC in 2020, will determine how it can further expand its project. A CBDC is a form of digital currency issued by a country's central bank instead of a commercial bank. Their value is pegged to the country's fiat currency. The move comes on the heels of Japan's move to launch a pilot program in April to test out its digital yen with simulated transactions .
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