Russia to launch CBDC pilot in August
Russia’s central bank recently announced that it will begin its CBDC pilot on 15 August, with the participation of 13 banks.
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The pilot program will expand its functionality towards the end of 2023.
Russia was trying to tackle the financial strain due to Western sanctions through CBDCs.
Russian central bank, The Bank of Russia, has announced that it will begin the central bank digital currency (CBDC) pilot on 15 August.
The pilot will see the participation of 13 banks. These banks will begin transactions using the digital ruble at 30 designated locations spread across 11 cities in Russia. The pilot will be open only to a restricted group of their customers.
These customers can create digital wallets to make peer-to-peer transfers during the pilot. They can also make auto payments and purchase using QR codes.
The pilot program will expand its functionality towards the end of 2023. It will include dynamic QR codes, transfers between legal entities, and additional support for auto payments. It will also include both individuals and corporations.
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