Russia plans to launch a digital ruble in 2024 and connect all banks and credit institutions

[Russia plans to launch a digital ruble in 2024 and connect all banks and credit institutions] According to news on August 12, the Russian central bank continues to work on the upcoming central bank digital currency (CBDC), planning to launch an official digital ruble within a few years.

According to the Central Bank of Russia’s latest monetary policy update, the institution will start connecting all banks and credit institutions to the digital ruble platform in 2024. It will be a big year for Russia, which is expected to hold presidential elections in March 2024 and incumbent Vladimir Putin has a constitutional right to re-election.

In 2023, the Russian central bank also intends to conduct beta testing of digital ruble-based smart contracts for transactions by a limited number of participants. (Cointelegraph)

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