Russia to begin testing digital ruble on August 15 - Breaking The News

Russia to begin testing digital ruble on August 15

9 August

1 min read

EPA-EFE/YURI KOCHETKOV

The Bank of Russia will begin testing digital ruble on real transactions with real clients on August 15, the central bank's First Deputy Chair Olga Skorobogatova announced on Wednesday.

It is expected for 13 banks to take part in the pilot, all of which have "technically confirmed their readiness," with "trade and services enterprices" also set to participate. Previously, Skorobogatova estimated that the digital ruble will become part of "everyday life" in the country in the next two to four years.

In July, Russian President Vladimir Putin signed a law on the introduction of the digital ruble.

ruble digital currencies bank of russia

Bank of Russia keeps interest rates at 21%

21 March

The Central Bank of Russia announced on Friday that it is keeping interest rates steady at 21%, noting that the current level of tightness will allow inflation to drop to the 4% target in 2026. However, it warned that reaching that goal will require a "long period of maintaining tight monetary conditions."The Bank of Russia currently forecasts the inflation rate in 2025 will be between 7% and 8%. It said inflationary pressures have decreased but remain high, especially...

Lagarde urges accelerating wholesale, retail digital euro

20 March

European Central Bank (ECB) President Christine Lagarde on Thursday emphasized the importance of accelerating the digital euro at both the wholesale and retail levels to decrease Europe's vulnerability.Speaking before the European Parliament's Committee on Economic and Monetary Affairs, Lagarde urged "priority attention" to expediting the digital euro by establishing a legislative framework. She noted that there is a "serious series of changes happening in...

BoE says no decision yet on introducing a digital pound

14 January

The Bank of England (BoE) provided an update on Tuesday regarding its exploration of a digital pound, revealing that no decision has been made on its potential launch.In the 'The digital pound and the payments landscape' document, the bank said that over the past year, significant progress has been made in the design phase, with efforts focusing on "building the evidence required to support a robust assessment of the costs and benefits of a digital pound and...

Russia's central bank leaves key interest rate unchanged at 21%

20 December

The Bank of Russia announced on Friday that its Board of Directors decided to maintain its key interest rate unchanged, leaving the benchmark rate at 21%.According to the report, "the achieved tightness of monetary conditions creates the necessary prerequisites for resuming disinflation processes and returning inflation to the target, despite the elevated current price growth and high domestic demand."The central bank added that it will evaluate the...

This website uses cookies to ensure you get the best experience. Our Terms of Use and Data Protection Policy explain the data we collect, why we collect them, and how we may share them.