Russia Unveils CBDC Details

By Vince • August 9, 2023 11:44 am • Comments

As blockchain technology and cryptocurrencies continue to find more use cases, one incredibly alarming development continues to persist: the advent of central bank digital currencies (CBDCs).

Numerous countries have announced plans to explore CBDCs through various pilot programs, and Russia has become the most recent high-profile country to unveil plans for a central bank digital currency.

According to an announcement from Russian authorities, live testing of their proposed digital Ruble will begin on August 15th, 2023, and includes the participation of 13 banks.

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Satoshi Club explained the details: “The Bank of Russia has unveiled the official logo for its CBDC project! Until the end of 2024, all services will be free of charge. From 2025: B2B transactions 15 rubles ($0.16) each, Individuals pay 0.3% for commercial, 0.2% for civil services.”

 

Another user further clarified, “The Bank of Russia revealed that it will begin testing operations for Russia’s CBDC project with digital rubles. The test will begin on Aug. 15 and it involves the participation of 13 banks and a restricted group of their clients.”

 

Coin Telegraph reports:

Skorobogatova added that the bank’s strategy involves bringing the digital ruble into widespread use, hinging on the outcomes of gradual testing and contingent upon the successful execution of comprehensive trials encompassing all operational possibilities involving the digital ruble.

According to the deputy governor, it is expected that starting from 2025, citizens and businesses will be able to actively use the national digital currency at their own request.

Joanna Lee added, “Belarus is set to follow suit with Russia’s CBDC development plans – and plans to launch a digital version of the Belarusian ruble for use in “cross-border” payments.”

 

Crypto News offered a different take on the introduction of a CBDC in Russia: “Russian Banks Say Citizens Are ‘Wary’ of CBDC Plans – Digital Ruble Faces Roadblock? Russia’s biggest banking association has demanded clarification on Moscow’s CBDC plans and says citizens are “wary” of the digital ruble.”

 

Russian citizens are less than convinced of the state’s plans to usher in a CBDC, according to Crypto News:

Per Komersant and BFM, the Association of Russian Banks (ARB) sent a letter to the Central Bank with “a request to clarify certain issues pertaining to the digital ruble.”

The ARB wrote: “[Russian] people have an extremely wary attitude to the introduction of the digital ruble. [This attitude is shared by] the consumers of financial services.”

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