The post Russian central bank delays launch of its digital ruble CBDC after successful pilot  appeared on BitcoinEthereumNews.com.

The Bank of Russia has postponed the launch of the digital ruble. The project is still live, but the launch of the central bank digital currency (CBDC) will come “somewhat later” than July 1, when it was expected, Bank of Russia governor Elvira Nabiullina said. Nabiullina spoke at the annual meeting of the Association of Russian Banks on Feb. 27. She put a positive spin on her review of the year in banking. She acknowledged the challenges presented by inflation and the expanding sanctions that have taken a toll on the Russian economy. “The banking sector remains stable and profitable,” she said. Banks are reacting to the CBDC pilot project Bankers are asking about the upgrades necessary for the introduction of the digital ruble and asking for more time to implement them, Nabiullina said at the end of her speech. With this in mind, the bank has delayed the launch of the CBDC while the central bank works out the details of the pilot project.  The central bank will also consult with the banks in the pilot project about the “economic model” that appeals most to their clients. The digital ruble pilot project began in 2023 and involved 15 banks and certain clients. In all, 1,700 individuals and 30 companies took part in the project. The first target date for its launch was mid-2024, but it has been postponed more than once already. The proposed digital ruble has a strong retail component. Nabiullina said banks saw the proposed CBDC’s programmability, that is, the use of smart contracts with the currency, as a key opportunity for them. That in particular will require more discussion and preparation, she said. It will also cost 200 million to 300 million rubles ($2.3 million to $3.4 million at the current exchange rate) per institution to implement, according to…

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Filed under: News - @ February 27, 2025 10:27 pm