The Central Bank of Russia Decided to Accelerate the Launch of the Digital Ruble Due to Sanctions

Due to international sanctions imposed on the Russian banking system after the Russian invasion of Ukraine, the Central Bank of the Russian Federation decided to accelerate the CBDC launch project, and testing of the digital ruble on real transactions and clients will start in April 2023.

According to Forbes, this was stated by the first deputy chairman of the Central Bank of the Russian Federation Olga Skorobogatova.

Initially, it was planned to start testing the Russian CBDC in real operations in 2024. Skorobogatova added that from April 2024, testing will be carried out using smart contracts.

Also, the Central Bank of the Russian Federation spoke about the impossibility of using cryptocurrencies to circumvent sanctions, especially in terms of payments for large amounts.

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