Since the start of testing the digital ruble, the Central Bank of Russia has recorded 100,000 transactions. This milestone marks an important phase in the development of the Central Bank Digital Currency (CBDC).
Total Number of Transactions
The Central Bank of Russia (CBR) reported that since the launch of the digital ruble pilot project, approximately 100,000 transactions have been conducted. According to the report published in June, over 63,000 of these were transfers, and nearly 13,000 were payments for goods and services.
Development of the Pilot Project
The special tests for the digital ruble, which started almost two years ago, are ongoing. About 2,500 digital wallets have been opened by participants across 150 cities in Russia. By the end of May, around 17,000 smart contracts had been executed. The CBR also noted that now 15 banks provide services for transactions with the digital ruble.
Future Plans
The CBR continues to fine-tune the economic model of the digital currency and plans to expand the pilot project by adding new services and increasing the number of participants. Key directions for further development include e-commerce, payroll, and invoicing. CBR Governor Elvira Nabiullina indicated that the primary purpose of the digital ruble is to facilitate financial transactions for businesses and increase trust in the new form of currency.
The progress made in testing the digital ruble represents an important step toward the implementation of the new currency. The CBR plans to continue working on expanding the functionality of the digital ruble and increasing user awareness about its benefits.
