Yesterday the Bank of Russia launched a pilot of a digital ruble central bank digital currency (CBDC) with a dozen banks, including the largest Sberbank, VTB, Gazprombank and Alfa Bank.
The central bank said the pilot aims to enable a seamless transition from one form of the ruble to another, so it wants to make sure the banks can adapt their systems.
Russia’s thinking is not always the same as other central banks, particularly when it comes to the digital ruble. The central bank Governor Elvira Nabiullina highlighted some noteworthy points during a BIS talk earlier this week. These issues, including concerns about creating even larger too-big-to-fail banks, could well be relevant to other countries.
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