Russian CBDCs Pilot Launches With 12 Participants Banks

Russia started its testing of the Digital Ruble pilot in collaboration with the 12 Banks of the country. 

Russia is one of the dominant countries in the world, which is responsible for supporting the Bitcoin network by 10% hash rate. In the last few weeks, the Russian crypto community faced huge tension because of the planning of the Bank of Russia to bring legislation to ban crypto trading and mining operations. 

Russia knows very well about the potential of blockchain technology, that is why it is working on its own Central Bank Digital Currency (CBDCs). 

According to reports, the Bank of Russia launched a digital Ruble pilot test. In this testing phase, they are doing transactions between customers to customers (C2C) and in this initial phase of testing, 12 Banks are involved. Russia’s Central Bank aimed to bring more participants in the testing of Digital Ruble, like financial service providers and types of transactions.

The deputy chairman of the bank, Maxim Khrustalev, shared about this initiative with the news media that how the collaboration of banks to test Digital Rubble is going on. 

“the technical testing of C2B, B2C, and B2B payments will begin. Based on the results of the piloting, the Bank of Russia will start to introduce the digital ruble platform into commercial operation,”

Around three years ago, Russia proposed the idea to introduce the Digital Ruble in public. In April 2021, the Bank of Russia published its former architecture to use the blockchain-based technology in the payment system, CBDCs. These things are enough to show that the government of Russia is fully confident with the CBDCs adoption but their stance on the crypto industry is not positive. 

Reportedly Bank of Russia is creating a framework to bring a ban law on the crypto industry and crypto mining companies. And if it happens the same, then surely the market will face a correction by more than 50-60% because on one side ban news will impact and on the other side low Bitcoin network hash rate will boost the negative momentum rapidly.

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