Russia to pilot digital ruble for budget expenses in 2023

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Russia to pilot digital ruble for budget expenses in 2023
Credit: © Reuters.

MOSCOW - Russia is set to initiate a pilot program next year to employ the digital ruble for targeted budget expenditures, as stated by Finance Minister Anton Siluanov during a session at the Russian Parliament today. This development follows President Vladimir Putin's recent approval of the Central Bank Digital Currency (CBDC) law and is an extension of an ongoing successful trial with 13 banks that began in August.

The pilot program is a significant step in Russia's broader strategy to incorporate digital currency into its economy. The country is also working on establishing a digital ruble-based payment system for international transactions, collaborating with the United Arab Emirates. This move comes despite earlier remarks by Deputy Chairman Olga Skorobogatova indicating that the digital ruble would not be applied to pensions or benefits.

Central Bank Governor Elvira S. Nabiullina has been involved in discussions leading up to this initiative, which represents a concerted effort by Russian authorities to integrate digital currency technology into their financial infrastructure. The digital ruble is poised to play a crucial role in Russia's future fiscal operations, both domestically and in cross-border dealings.

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