- On August 15, individuals can transact with digital rubles across eleven Russian cities as part of a CBDC pilot test program.
- The test program will focus on basic transactions to foster and refine a seamless user experience.
The Central Bank of Russia (CBR) has announced its pilot test for the digital ruble will commence on August 15, 2023. In the first phase of the test program, 13 banks and a select group of clients will actively participate, aiming to gauge the efficacy of the digital ruble platform within actual operational contexts.
The financial institutions participating in the program are as follows:
- JSC “ALFA-BANK”
- JSC “Bank DOM.RF”
- JSC Ingosstrakh Bank
- VTB Bank (PJSC)
- Bank GPB (JSC)
- QIWI Bank (JSC)
- PJSC “AK BARS” BANK
- PJSC “MTS-Bank”
- PJSC “Promsvyazbank”
- PJSC “Sovcombank”
- PJSC Bank Sinara
- PJSC ROSBANK
- TKB BANK PJSC
“The start of pilot testing of the digital ruble on real transactions is a critical stage of this project. We will be able to test how the digital ruble platform operates in real-life conditions, check all necessary procedures with the participation of clients, adjust the processes where needed, and make sure that the customer journey is convenient and easy to understand for users.” – Olga Skorobogatova, First Deputy Governor of the Bank of Russia.
The initial phase of the pilot program focuses on core transactions, encompassing activities such as establishing digital ruble accounts, person-to-person transfers, automatic bill payments, and QR code-based payments for goods and services. As part of the pilot program, participants can make digital ruble payments at 30 select points of sale located across 11 cities in Russia. The overarching goal of this testing phase is to ensure a seamless user experience.
