Bank of Russia Completes CBDC Trial Amid Tough Stance on Crypto

Bank of Russia Completes CBDC Trial

The Bank of Russia has successfully tested the first central bank digital currency transfers via the mobile application, even as it continues to oppose cryptocurrency adoption.  

The initial testing phase requires that a user open a wallet on the digital ruble platform through a mobile application and exchange non-cash fiat into CBDC.

The institution plans to assess the use of the digital ruble as a form of payment and other functionalities in smart contracts. CBRF also announced the possibility of digital ruble offline payments in the future.

Three banks have added support for the platform, with two having executed a digital ruble transfer between accounts via a mobile application.

The development of the Digital Ruble prototype was concluded in December 2021, where 12 banks expressed interest in the trials.

CBRF’s deputy governor, Olga Skorobogatova, notes that the new digital asset offers opportunities for users because the transactions would be freely available.

The news comes as the institution’s head, Elvira Nabiullina, maintains that the bank would continue opposing the adoption of cryptocurrency in Russia.

Source: Bank of Russia

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