Russia's Digital Ruble Pilot Test Begins: A Potential Challenge To The Dollar's Global Reserve Status?

14 Aug 2023

Russia has recently initiated a preliminary experiment for its Digital Ruble, which could possibly pose as a rival to the US Dollar's supremacy as the global reserve currency.

Benzinga - The Russian Central Bank is preparing for its trial run of the digital ruble, which is scheduled to begin on August 15. All 13 banks that had shown interest in participating have confirmed their preparedness for the pilot.

According to TASS, a news agency owned by the Russian government, Olga Skorobogatova, the Bank of Russia's first deputy governor, mentioned that these financial institutions have completed the required technical arrangements, which encompass the creation of their mobile apps.

Skorobogatova mentioned that thirteen financial institutions have completed all necessary technical arrangements and are fully prepared with their mobile applications. These banks are ready to begin conducting real transactions with customers, in collaboration with us.

Stanislav Danysh, the head honcho of Ingosstrakh Bank, recently explained that these financial institutions will enable digital ruble transactions for both individuals and companies. Nevertheless, the initial stage will have limitations, mainly focusing on employees and associates of the bank.

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Skorobogatova revealed intentions to include sixteen more banks in the upcoming year for the pilot run of the digital ruble network.

In the previous month, the Bank of Russia engaged in talks regarding the potential merging of the digital ruble network with other digital currencies.

The goal of this integration is to connect different payment systems together, with the aim of establishing the digital ruble as a possible currency for international payments.

Elvira Nabiullina, the head honcho of the Bank of Russia, stated that they were examining various pathways for this amalgamation in partnership with friendly nations.

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