The Bank of Russia and market participants have begun testing the digital ruble platform. Three banks from a pilot group of 12 banks have connected to the platform. Two of them carried out a full cycle of transactions for the transfer of digital rubles between clients using banking mobile applications. The remaining 9 banks should join the platform testing after their IT systems have been finalized.

In total, the regulator plans two stages of testing the digital ruble. As part of the first, it is planned to test:

• issue of digital rubles;
• opening digital wallets for banks and citizens;
• transfers between citizens.

The second stage provides for operations to pay for goods and services, payments for public services, and the implementation of smart contracts. In the future, the regulator intends to introduce the possibility of paying without the Internet. Based on the test results, the Central Bank will form a roadmap for the implementation of the digital ruble platform.

The fact that the Central Bank is studying the possibility of issuing a digital ruble was reported in October 2020. The concept of a new form of currency provided that a prototype of the digital ruble platform would be created in December 2021, and testing would continue throughout 2022.

Original (in Russian)