Russia’s digital ruble progress update, soon to be used for international payments

Russia to ban cryptocurrencies in September to protect ruble. CBDC pilot ongoing, potential adoption by 2025.
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Finance Minister Anton Siluanov outlined plans to use the digital ruble for "social payments" and "subsidies."
The digital ruble will serve as an additional form of the Russian national currency, alongside physical cash and non-cash transactions, beginning from August 1, 2023.
The Bank of Russia’s digital ruble pilot was originally scheduled to start on April 1.
The head of the Bank of Russia, Elvira Nabiullina, said that many banks are already participating in the experiment with the digital ruble.
Bank of Russia started CBDC testing in 2022 and expects to implement an official banking rollout in the year of presidential elections in 2024.
In an immediate response to rising fiat inflation, Russia's central bank doubled its key interest rate on Monday to 20 percent from 9.5 percent.
European Central Bank President Christine Lagarde’s statement calling cryptocurrencies a “threat” to global security appears to be at odds with real-world data and expert opinion.