Launch and early functions of the digital ruble pilot
The initial phase of the digital ruble trial focuses on opening and funding digital ruble accounts, enabling transfers between citizens, and supporting straightforward automatic payments. Purchases and services can also be paid for using a QR code. The information came from a joint press conference held by the Bank of Russia and the participating companies in the pilot, as reported by Sovcombank.
Participants in the pilot will have the capability to spend digital rubles at thirty retail points across eleven Russian cities, illustrating a practical, real-world testing environment.
Olga Skorobogatova, the First Deputy Governor of the Bank of Russia, described the launch of the pilot operations with genuine digital rubles as a pivotal milestone for the project. She emphasized that the phase enables testing the digital ruble platform within an industrial setting, involving customers in every step, and allowing adjustments to processes as needed. Her outlook is that the customer journey should be clear and convenient for users. Based on results from the staged tests and after successfully completing piloting across all operation scenarios, the plan is to move toward broader, mass circulation of the digital ruble. (attribution: Bank of Russia)
Sergey Khotimsky, the First Deputy Chairman of Sovcombank, highlighted the project’s significance and its international implications, especially in the context of sanctions pressures. He framed the choice as a clear dichotomy between progress and stagnation, noting that the effort represents an intriguing challenge and that there are practical considerations banks must address. (attribution: Sovcombank)
From his perspective, a new dynamic emerges where the Central Bank will need to balance liquidity standards as digital ruble operations expand. He noted that although challenges exist, there is confidence in the long, evolving process and a belief in the central bank’s ability to manage liquidity considerations. (attribution: Sovcombank)
By year-end, organizers plan to broaden the roster of pilot participants to include more citizens and more corporate entities. Participants in the event stressed that the digital ruble is not intended as a store of value nor as a tool for lending. Looking ahead to the next year, the pilot will introduce a dynamic QR code payment option and expand the list of transfers between legal entities. Additionally, templates for simple automatic payments will be broadened to streamline routine transactions. (attribution: Bank of Russia, participating companies)