Russia Will Start a Pilot Project for ‘Digital’ Ruble From April: Central Bank

Russia Will Start a Pilot Project for ‘Digital’ Ruble From April: Central Bank
Ruble coin plunges into water in this illustration taken, on May 23, 2022. (Dado Ruvic/Illustration/Reuters)
Reuters
5/25/2022
Updated:
5/25/2022

Russia will start a pilot project using its “digital” ruble with real customers and real transactions from April 2023, its central bank said on Wednesday, adding that the project would run ahead of the initial schedule.

With Western sanctions cutting off Russia from large parts of the global financial system, Moscow is looking for alternative ways to make key payments both at home and abroad. In April, Moscow planned to have the “digital” ruble capable of making international payments ready by next year.