The Bank of Russia has announced its intentions to begin trials on a digital version of the country’s currency, Ruble. An original model of the test platform is to be completed on or before the end of the year and test processes should begin next year, 2022. Over 12 banks have signed up to participate in the testing of the digital currency so far.
The disclosure was made by the Russian Central Bank on Monday, 5th July, 2021. The bank announced they had launched the development of their Central Bank Digital Currency (CBDC); Ruble. Commercial banks can volunteer to test the digital currency but to be eligible, they must prove they have the technological capabilities to carry out the tests. About 12 banks have volunteered so far.
Russia’s largest bank, Sberbank, Alfabank, VTB, Gazprombank among others were part of the banks that volunteered for the trial.
Also, the original digital Ruble model platform was to be ready before the end of 2021 and trial was to begin early 2022 according to the announcement.
The first deputy governor of the Russian Central Bank, Olga Skorobogatova stated that the introduction of the CBDC is to see to improvements in payments and remittances and alleviate cost;
“digital ruble project is aimed to create new payment infrastructure to improve the availability of payments and transfers, and to reduce their cost for households and businesses.”
He further stated the importance of a “seamless migration” from the traditional Ruble currency to the digital ruble in works. The first stage of the testing will ensure and monitor the emission of the digital ruble. Other operations will be tested in the trial and if need be, other banks will be added.
What do you think? Share your comments below
FTX’s Alameda Bets Big on MonkeyBall with a Partnership
Next-gen esports metaverse Monkeyball has courted the interest of Alameda Research, the R&D firm backing crypto derivatives exchange FTX to...
Ubisoft Launches Carbon-neutral Platform for Collecting Gaming NFTs
Video game publisher, Ubisoft has announced the launch of Ubisoft Quartz to enable its gamers to acquire NFTs. In a...
Derby Stars: Horse Racing NFT Game Stars on Terra Blockchain
The Terra ecosystem is expanding at a fast pace, thanks to innovations like DeFi and non-fungible tokens. Both innovations have...
THETAN ARENA – An Overview of E-sport Play-to-Earn Blockchain Based Game
Playing games has always been a way of having fun and relieving stress and hassles. It is more fun when...
CryptoDiceHero: NFT Gaming Metaverse Invades BSC Ecosystem
The blockchain gaming industry has been showing promising signs in the last few months. While some would attribute such growth...