Bank of Russia Sets Up Foremost Digital Ruble Trial Team

The Russian central bank is putting together a consortium of banks to trial its central bank digital currency (CBDC) in 2022. The Bank of Russia announced on Tuesday the formation of the very first team, which includes 12 Russian banks, for evaluating the digital ruble.

Russia’s top banks, such as state-owned Sberbank and VTB, and also significant private banks like Tinkoff Bank, are among the pilot participants.

Other partakers include Commercial banks Alfa Bank, Gazprombank, Promsvyazbank, Rosbank, Ak Bars Bank, Dom.RF, SKB-Bank, TKB, and Soyuz bank.

Russia’s ambitions to create a model digital ruble framework by the end of 2021 and begin trialing in January 2022 were reiterated by the bank.

The digital ruble will be issued, as well as numerous other activities, in the first round of trial. Following that, the Bank of Russia intends to expand the number of participants and the scope of the trial operations.

Olga Skorobogatova, the first deputy governor of the Bank of Russia, stated that the digital ruble will improve payment ability while lowering fees.

The Bank of Russia formally revealed its CBDC intentions last October, when it released a research document on the roll out of a digital ruble. Some high-profile people have criticized the central bank for prioritizing the digital ruble over independent cryptos, including notable tycoon Oleg Deripaska, who made the suggestion that the bank should create a “genuine financial instrument permitting autonomy in international trade settlements.”

According to Tinkoff’s CEO, the central bank’s restrictions precluded the business from offering crypto trading services.