Last week the Bank of Russia outlined a timetable for the rollout of its central bank digital currency (CBDC). While it is already testing a digital ruble, real transactions pilots will commence in 2023, including person-to-person transactions and those between consumers and corporates. More details on the schedule are provided below.
Like other central banks, the Bank of Russia plans to distribute the digital ruble via commercial banks, retaining today’s two-tier system.
Most central banks have opted to restrict the amount of CBDC available to limit the flight of commercial bank deposits to central bank money. This isn’t the Bank of Russia’s primary plan. Instead, it intends to roll out the digital ruble gradually and believes that bank deposit interest will prove attractive compared to the non-interest bearing digital ruble.
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