The Bank of Russia is currently running a pilot for its digital ruble with 12 banks and announced plans to start consumer pilots in April 2023 instead of 2024. It’s possible the central bank digital currency (CBDC) may become fully operational in 2023, but the central bank stated it’s more likely that it will have the launch roadmap by then.
It was also confirmed that the digital ruble could be an alternative to SWIFT. “This also solves the issue of disconnecting from SWIFT, because with such integration, SWIFT will no longer be needed,” said Olga Nikolaevna, First Deputy Governor of the Bank of Russia, talking to TASS.
There have been reports about integration with the digital yuan, which China has been piloting with consumers since October 2020. “Next year, more active work will begin on the interoperability of national currency platforms,” said the First Deputy Governor. She added, “then it will be clear with whom exactly this is possible.”
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