Central Bank of Russia: Pilot Settlements with the Digital Ruble Will Start Next Year

The Bank of Russia Governor Elvira Nabiullina has said that the tests of the national digital currency (CBDC) were going well. According to her, seven more domestic banks will join the testing of cryptocurrency in the near future.

Nabiullina also stated that the regulator intends to use the digital ruble in international and domestic transactions for mutual settlements.

The head of the Central Bank has said:

“Among our priorities is the digital ruble. We quickly managed to create a prototype of the digital ruble, and it is now being tested with banks.”

The pilot project on the use of tokens in settlement transactions will start next year.

According to Elvira Nabiullina, settlement transactions will become much cheaper with the help of CBDC.