The Central Bank of Russia (CBR) has accelerated the development of its digital ruble in response to Western sanctions. The monetary authority now intends to pilot transactions with the new version of the national fiat in early 2023 instead of 2024, as originally planned.
CBR to Launch Transactions, Smart Contracts With Digital Ruble as Early as Next Year
Sanctions imposed over Moscow’s invasion of Ukraine have convinced the Bank of Russia to speed up the development of the digital version of the ruble, the Russian-language edition of Forbes reported, quoting CBR’s First Deputy Chairman Olga Skorobogatova. She revealed this during a meeting organized by the Association of Banks of Russia.
The high-ranking official remarked that Russia’s central bank had initially scheduled the digital ruble pilot with real transactions and users for 2024 but it has been decided to launch the project in April 2023. At the same time, the regulator also wants to start implementing smart contracts ba
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