Today Russia’s Ministry of Finance said it would participate in digital ruble pilots starting in 2024. Another report earlier this month claimed that pilots could commence before year’s end. Separately, State Duma lawmakers regret the central bank’s decision to pursue a retail central bank digital currency (CBDC) rather than a wholesale one.
Last week Interfax reported that lawmakers are pushing back on the central bank’s decision in 2021 to proceed with a retail digital currency rather than a wholesale CBDC. They’re keen to use a wholesale CBDC for cross border payments that sidesteps Western sanctions.
“The implemented model of the digital ruble is retail and is intended to expand the payment capabilities of the population and business. The committees note that some foreign countries are experimenting with the creation of another form of digital currencies intended for wholesale settlements between banks with a view to cross-border use,” read a statement of a State Duma committee, according to Interfax.
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