Russia's Central Bank to launch digital ruble pilot in 2022

The Russian Central Bank expects to launch a pilot of its central bank digital currency in 2022, a senior central bank official reportedly said.

Russia’s central bank deputy governor Alexey Zabotkin said the bank plans to complete the creation of a digital ruble prototype by the end of 2021, local news agency Prime reported on Wednesday.

Zabotkin announced the plan at an online event hosted by the New Economic School in Moscow.

Zabotkin said the prototype does not support "real transactions" but serves as a starting point for building an ecosystem. "Based on the creation and improvement of this prototype, we will start piloting next year," Zabotkin said.

As previously reported, the Central Bank of Russia officially announced its CBDC plans at the end of 2020 and released a consultation document on the development of the digital ruble in October last year. In January this year, the Russian Banking Association released a feedback report on the project and warned that all models proposed by the Central Bank of Russia may contain some risks related to cybersecurity and fraud.

As reported, at the end of February, Olga Skorobogatova, First Deputy Governor of the Bank of Russia, announced that the bank was planning to develop a concept for selected digital ruble models. She said the bank does not rule out the possibility of charging fees for transfers between digital ruble wallets.

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