Russia delays CBDC pilot due to legislative process

According to TASS news agency, Russia has postponed the planned start of the central bank digital currency pilot on April 1 due to the possible delay of the enactment of certain legislation until early May. The upcoming pilot will involve real operations and consumers, but on a limited scale, with banks entering into the pilot with selected customers. After the first phase, the Bank of Russia intends to determine how to further expand the digital ruble. Additionally, a consumer CBDC pilot originally scheduled for 2024 was brought forward as Russia’s central bank looks for an alternative to the SWIFT payment system amid Western economic sanctions on Russia.