Bank of Russia says prototype for digital ruble platform is ready

The prototype of the digital ruble platform is already ready, said Olga Skorobogatova, First Deputy Governor of the Bank of Russia. As reported by «Интерфакс».

The Bank of Russia will begin testing operations with the digital currency as part of the pilot’s first phase with 12 banks in January, Skorobogatova added. As was reported in June, the first participants in the test will be Sberbank, Tinkoff Bank, VTB, Rosbank, Promsvyazbank, Alfa-Bank, Gazprombank, Ak Bars Bank, Bank “DOM.RF”, SKB Bank, Bank “Soyuz” and TKB Bank.

In October 2020, the Bank of Russia presented a report dedicated to the launch of the digital ruble. The asset is expected to become the third form of money alongside cash and cashless payments.

It is expected that the Bank of Russia’s digital currency will be launched by 2030.

Head of the regulator Elvira Nabiullina said that the digital ruble could become a full-fledged replacement for cryptocurrencies for Russians.

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