The Bank of Russia has started conducting trials for its own CBDC. The announcement coincides with the central bank’s plans to launch the CBDC project’s pilot phase in early 2022.
Despite President Vladimir Putin’s request that his government and central bank work out an uniform regulatory framework for crypto assets rather than a complete prohibition, no agreement has yet been reached.
The Central Bank of Russia has stated that it has completed the first testing of its central bank digital currency (CBDC), also known as the “digital ruble.”
Bank Of Russia Insists On Crypto Ban
The Bank of Russia announced on Tuesday that the testing of its CBDC had begun, with the first digital ruble transfers between people now taking place.
Three of the twelve financial institutions participating in the Bank of Russia’s CBDC pilot program have already deployed the digital ruble on their systems. They even conducted a “full cycle of digital ruble transfers between clients using mobile banking applications,” according to two of them.