In a broad evaluation of the digital ruble pilot, Russia processed over 900 thousand transactions across 11 cities. This milestone was reported by RIA News as the pilot progressed through various urban centers, comparing the digital currency with the traditional ruble in fast, traceable payments.
At a session in the State Duma, Olga Skorobogatova, the First Deputy Governor of the Central Bank of Russia, outlined the program’s participation. She indicated that roughly 30 banks nationwide are expected to engage in digital ruble operations in 2024, signaling a widening rollout as confidence grows in the system’s structure and reliability.
Skorobogatova noted that the pilot currently includes 13 banks and is proceeding according to plan. She added that 15 banks are ready to join in a second wave, and she anticipated about 30 banks taking part in the next phase of the program the following year. This forecast points to a staged expansion designed to test interoperability, settlement speeds, and user experience across financial institutions of varying sizes.
The Central Bank highlighted that the digital ruble represents a digital embodiment of the Russian national currency, with a one-to-one ratio to physical rubles. The project aims to preserve the core properties of cash while enabling digital features such as quick transfers, improved traceability, and offline capabilities in controlled circumstances.
Legislation authorizing the digital ruble was enacted in Russia and took effect on August 1. Public commentary and media coverage have since discussed how payments might be made under the new format and when broad access would become available to everyday users. The official communications emphasize a gradual introduction that aligns with financial-system readiness and consumer protection safeguards. [Attribution: Central Bank of Russia]
In related market observations, prior reports noted a notable shift in cryptocurrency prices. Bitcoin’s price movements were described as reaching new extremes for a period, highlighting the ongoing interest and volatility within the digital asset landscape alongside the national digital currency initiative. [Attribution: Market reports]