Russia's Digital Ruble Pilot Test Begins: A Potential Challenge To The Dollar's Global Reserve Status?

The Bank of Russia is gearing up for its digital ruble pilot test slated for Aug. 15, with all 13 banks that expressed interest in the pilot confirming their readiness.

Olga Skorobogatova, the first deputy governor of the Bank of Russia, stated that these banks have finished the necessary technical preparations, including the development of their mobile applications, according to TASS, a Russian state-owned news agency.

"Thirteen banks have wrapped up all technical preparations and have their mobile apps set. They're poised to initiate transactions with actual clients alongside us," Skorobogatova said.

Stanislav Danysh, the chairman of the board of Ingosstrakh Bank, previously clarified that these banks would facilitate transactions using the digital ruble for both individuals and corporations. However, the initial phase will be restricted, primarily involving bank associates and staff.

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Skorobogatova disclosed plans to incorporate sixteen additional banks into the digital ruble test network in the coming year.

Last month, there were discussions at the Bank of Russia about the possibility of merging the digital ruble network with other digital currencies.

This integration aims to interlink various payment systems, positioning the digital ruble as a potential international payment currency.

Elvira Nabiullina, the governor of the Bank of Russia, mentioned that they were exploring multiple avenues for this integration in collaboration with allied nations.

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