Russia Extends Digital Ruble Project Pilot Phase Indefinitely

BlockBeats News, February 28th, according to CryptoSlate report, the Russian Central Bank has indefinitely postponed the full launch of its digital ruble project.

The Russian Central Bank has been testing digital currency since August 2023, conducting a limited pilot program. The plan involved 12 banks and about 600 employees, testing wallet functionality, transfers, and automatic payments, among other things.

Businesses have also been exploring transactions using the digital ruble, with initial plans to achieve broader adoption by July 2025.

However, the launch plan has been delayed, with no new timetable announced. The Russian government has decided to extend the pilot phase to further refine the technical aspects and allow banks to evaluate the economic model.

Russian Central Bank Governor Elvira Nabiullina reportedly confirmed this delay, emphasizing that the additional time will help financial institutions adopt a model suitable for their customers. She also stressed that the postponement of the launch is to ensure that the digital ruble benefits all stakeholders.