Russia Successfully Trials Digital Ruble for Budget Settlements

According to Odaily, the Russian government and central bank have announced the successful trial of the digital ruble in budget settlements. The central bank and the Ministry of Finance conducted closed-door tests of the digital ruble's budget operations at the end of 2024. Despite opposition from the country's commercial banking sector, the central bank aims to launch the currency by early July this year, stating that testing is 'ongoing' without disclosing details of the pilot 'budget' transactions. The Ministry of Finance has indicated that there are currently no plans to use the digital ruble for government payments to citizens, emphasizing its use to ensure the targeted allocation of budget funds.