The post Bank of Russia Expands Digital Ruble Pilot Program: New Features and Future Widespread Adoption by 2025 appeared on BitcoinEthereumNews.com.

The Bank of Russia has announced an expansion to its pilot program for the digital ruble, signaling significant progress in the adoption of its central bank digital currency (CBDC). This initiative aims to incorporate up to 9,000 individuals and 1,200 companies, showcasing a robust framework to test digital transactions in real-world scenarios. Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, highlighted the growing demand for this digital currency amid ongoing sanctions, indicating a positive trajectory for the digital ruble’s future. The Bank of Russia pushes forward with plans to expand the pilot program for the digital ruble, aiming for broader adoption by 2025, amidst a changing financial landscape. Expansion of the Digital Ruble Pilot Program This month, the Bank of Russia officially unveiled plans to widen its pilot program for the digital ruble, a central bank digital currency (CBDC) designed to modernize financial transactions within the country. The program, which will now include up to 9,000 individual participants and 1,200 companies, is set to test innovative payment features. Among the functionalities being considered are transfer capabilities and payments utilizing QR codes, with the full deployment aimed for the latter half of 2025. The central bank noted, “The pilot will feature new operations,” demonstrating its commitment to integrating cutting-edge technology into everyday financial practices. Significance of New Features and Immediate Applications The proposed expansions within the pilot program are particularly noteworthy, as they will allow extensive functionalities beyond basic transactions. Participants will be able to open, close, and refill digital ruble accounts, facilitate transfers between individuals, and process payments for goods and services. In addition, the inclusion of automated payments and dynamic QR code transactions illustrates a shift towards a more digitized economy. Such innovations are not merely aesthetic; they signal the Russian government’s intention to adapt its…

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Filed under: News - @ September 9, 2024 12:59 am