13 banks in Russia chosen for digital ruble pilot program
The central bank of Russia is preparing to pilot the digital ruble , the country’s central bank digital currency (CBDC). Starting on Aug. 15, the test will aim to evaluate the feasibility and functionality of a digital rendition of the ruble. Thirteen banks and a limited number of their customers will participate in the pilot program to evaluate the performance of the digital ruble platform. The bank’s first deputy governor, Olga Skorobogatova, emphasized the significance of this phase, which aims to refine customer engagement methods and create a user-friendly experience. You might also like: Putin approves digital ruble bill Still, the central bank is cautious about integrating the digital ruble into the mainstream financial system. However, by 2025, citizens and businesses could have access to the digital ruble if the pilot phases and testing are successful. The pilot program focuses on core processes such as setting up digital...