Russia to begin CBDC trials with 13 banks

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Posted on Aug 09, 2023 at 9:43AM Eastern Time and last updated on Aug 09, 2023 at 11:20AM Eastern Time.

The Russian central bank, also known as the Bank of Russia (BoR), has announced that it will kickstart the trial phase of its digital rubles, which are a part of their central bank digital currency (CBDC) initiative. This testing phase is scheduled to commence on August 15th.

According to a press release from the Russian central bank, the initial trials will encompass the involvement of 13 financial institutions and a limited set of their customers.

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Russia is set to commence trials for its Central Bank Digital Currency (CBDC) in collaboration with 13 financial institutions.