Central Bank: New Stage of Digital Ruble Operations Testing to Start on September 1, 2024

Bank of Russia expands digital ruble pilot project

A new stage of testing operations with real digital rubles will begin on September 1, 2024, during which the number of pilot participants will increase significantly.

Previously, about 600 people and 22 companies participated in the project, but with the expansion of the parameters, the number of participants will increase to 9 thousand people and 1200 companies. At this stage, operations with the digital ruble will be available to clients of the same 12 banks that participated in the pilot project since its inception in August 2023, with a subsequent expansion of the list of banks.

The pilot project now covers new types of operations. In addition to opening, closing, and replenishing digital ruble accounts (digital wallets), transfers between citizens, payment for goods and services, as well as simple autopayments (smart contracts), participants will have access to payment via dynamic QR code and transfers between companies.

The digital ruble is a digital form of national currency. Both people and companies will be able to choose which form of ruble they want to use.

Russian President Vladimir Putin called on July 17 to begin a full-scale introduction of the digital ruble into the economy.

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