Russia's Largest Banks To Support Digital Ruble By July Next Year

According to CoinDesk, Russia's largest banks are required to support a digital version of the ruble for customers starting July next year. This initiative by the Bank of Russia aims to facilitate the use of the digital ruble for both retail and commercial purposes. The central bank has mandated that these banks enable their customers to open and top up digital ruble accounts, make transfers, and accept digital rubles within their infrastructure. Following this initial phase, the widespread use of the digital national currency is planned, ensuring it is accessible to citizens and businesses alike, allowing them to use it on an equal basis with cash and non-cash funds. The digital ruble is a central bank-issued digital currency (CBDC). Globally, banks have been exploring the use of CBDCs for various purposes, including retail, institutional, and wholesale applications. Some countries, such as the Bahamas and Nigeria, have already introduced their own CBDCs. In Russia, the central bank has been testing its CBDC with 12 banks. Earlier this month, the trials expanded significantly, involving 9,000 participants, up from the initial 600.