Representatives of the Central Bank announced starting to test a prototype of the digital ruble platform after the New Year holidays. 

Russian Central Bank Announces Trial for Digital Ruble

As part of the first stage of testing, the prototype of the platform for using the digital ruble will be launched. Credit institutions will be connected to the CBDC system, C2C transactions between clients of twelve Russian banks will also be possible. Testing is planned to start immediately after the New Year holidays. Interfax reported this, citing the First Deputy Governor of the Bank of Russia Olga Skorobogatova. 

The second stage will be held with the Federal Treasury being involved. It will include support for smart contracts, access to the system of exchanges, brokers, marketplaces, insurance companies and other financial intermediaries, the introduction of offline mode and functionality to convert the digital ruble into foreign currency. In addition, non-resident users will be able to create wallets in the system. Specific timelines for the second stage have not yet been outlined.

Author: Alex Golovakha