In the initial stage of testing the digital ruble, the Bank of Russia plans to cap wallet balances. This was stated by Olga Skorobogatova, First Deputy Chairman of the Bank of Russia, in a comment, Izvestia reports.
As the platform develops, decisions will be taken on increasing the limits or their complete removal.
Skorobogatova noted that the testing will allow the regulator to determine the best mechanism for conducting operations and the tools to support them.
“That is precisely the pilot period for testing that we have set for ourselves this year,” she added.
As of now, three banks from the pilot group have undergone technical testing and connected to the digital platform, and two more banks have successfully conducted customer operations.
Earlier, the second phase was planned for autumn 2022. During it, the central bank will launch smart contracts, conduct payments for goods and services, as well as government payments using the digital ruble.
In the third phase, the regulator plans to carry out offline operations with the digital ruble and open wallets for non-residents.
The pilot group currently includes 12 banks. More than 10 credit institutions have announced their readiness to join the project.
The domestic CBDC as the third form of money is planned to launch by 2030.
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