Bank of Russia outlines second phase of digital-ruble testing

In autumn 2022, the Bank of Russia will begin the second phase of testing the digital ruble, which will involve payments for goods and services, as well as government payments. This was announced by Olga Skorobogatova, the first deputy chair of the Bank of Russia, reports Kommersant.

According to her, in the second phase the new asset will be tested in interaction with the Federal Treasury and in the deployment of smart contracts.

The prototype of the digital ruble platform was unveiled in December 2021. Among the first testers were 12 banks.

In the first phase in January 2022, Promsvyazbank began piloting C2C payments with the digital ruble. On 15 February, VTB and Promsvyazbank successfully carried out a full cycle of operations for transferring the asset between clients via mobile banking apps.

The domestic CBDC as a third form of money is planned to launch by 2030.