Russia adopts law enabling start of real-world test of digital ruble

Russia could start testing the use of the digital ruble in real-world transactions as early as this month following the adoption of a law that ratifies the issuance and use of the central bank digital currency (CBDC) using a platform operated by the Central Bank of Russia.

Central Bank of Russia logo

The law lays out the basis for the introduction of the digital ruble, its use in payments and transfers, measures to be taken to prevent possible fraud, its potential use in international settlements, procedures in the event of bankruptcy and inheritance cases.

Its adoption this week means that the Central Bank of Russia and other banks participating in its pilot programme can now begin “testing digital rubles on real transactions with real clients… as early as August”, according to a Tass New Agency report.

“It was planned to start testing real payments with the digital ruble from April 1, 2023, but by that time the package of bills on the digital ruble passed only the first reading in the State Duma.”

The Central Bank of Russia launched its digital ruble pilot scheme with support from 12 Russian banks in January 2022.

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