The Central Bank of Russia’s (CBRs) digital ruble pilot was delayed from its planned start date of April 1, pending the passage of legislation at the State Duma. The delayed version was expected to pass by now, but according to the Russian state news agency TASS, the legal go ahead for the central bank digital currency (CBDC) has been pushed back to around the end of July. The pilot includes the clients of 13 banks.
The latest iteration of the legislation has several changes, particularly relating to non residents. Non residents have the right to carry out digital ruble transactions without restrictions. This contrasts with many other central banks that aim to limit foreign usage in the early stages. However, for Russia, a key driver is to enable an alternative payment system in the face of sanctions over its invasion of Ukraine.
The central bank is the operator of the platform and can authorize both domestic and foreign banks to participate. Non residents can access the digital ruble via a foreign bank, a domestic bank, and via the central bank directly where the law allows it.
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