Yesterday, the Governor of the Bank of Russia, Elvira Nabiullina, informed the State Duma about the progress of its central bank digital currency (CBDC) pilot, which started in August last year. As previously reported, the second wave of banks, including Russia’s largest bank Sber, is readying to join the digital ruble pilot.
Based on the results of the next wave, scaling will start, but not before 2025 at the earliest.
“We are asked the question: when will the digital ruble become a mass product?” said Nabiullina. “In our opinion, this will take five to seven years. This will be a natural process, because the choice of the people themselves and the business is fundamental; it should be convenient for them,” added Nabiullina according to the Parliamentary Gazette.
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