The Central Bank of Russia launches the first tests of the digital rouble
Next week, 13 Russian banks will take part in the first real-life tests of the digital rouble, a long-awaited project that was approved by Russian President Vladimir Putin on 24 July. The aim of the tests is to assess the effectiveness of this asset and its dedicated platform.
Reason for launching the pilot project
Faced with Western sanctions, the Central Bank of Russia has been forced to offer its partners suitable alternatives. The digital rouble is one of these solutions, with the creation of a CBDC (Central Bank Digital Currency) coupled with a single platform supporting other central bank digital currencies.
The main objectives of the initial tests
From 15 August, the first tests will focus on :
- The creation of digital portfolios,
- Digital currency transfers between individuals,
- The use of QR codes to facilitate transactions.
The role of the Bank of Russia in the digital rouble
The Bank of Russia will be responsible for assets in digital roubles and has announced that there will be no compulsory transfer of salaries and pensions to digital roubles. This decision is good news for Russian citizens who wish to continue using other forms of currency, such as cash. The Bank has also specified that the digital rouble will not have an expiry date, reassuring users that this new currency will be valid for a long time.
The challenges of the digital rouble for Russia
The digital rouble project is of crucial importance for Russia, which is seeking to strengthen its economy in the face of international sanctions and limit its dependence on the US dollar. It is also in line with the technological advances made by other countries, such as China with its digital yuan and the European Union, which is studying the possibility of creating a digital euro.
Potential impact on the international financial market
If the digital rouble succeeds in establishing itself on the market, it could have a significant impact on international financial markets. This new type of currency could facilitate transactions between banks and businesses, reduce costs and speed up trade.
Conclusion: promising prospects for the digital rouble
The first tests of the digital rouble are a major step towards the introduction of this digital currency, which could open up a host of opportunities for the Russian economy. If the tests prove successful, the digital rouble could help to strengthen Russia’s position on the international economic stage.
