Digital Ruble Will Spark Russia’s ‘Biggest Monetary Reforms Since the 1990s’
The launch of the Russian digital ruble will trigger the nation’s “largest monetary reforms since the 1990s,” a media report has claimed.
Per ProGorod, Russia’s CBDC project will be the biggest transformative event in the nation’s economic history since the collapse of the Soviet Union.
The digital ruble “real-world” pilot began in August this year in 11 cities nationwide, including Moscow and Yekaterinburg.
But the Central Bank has grand plans for rapid expansion in 2024, with at least 16 more banks joining the pilot.
The Ministry of Finance has announced that the government also wants to start using the coin next year.
The ministry additionally suggested Moscow is targetting a nationwide rollout no later than 2025.
This claim is somewhat bolder than the Central Bank’s original timeline of a “2025 to 207 rollout.”
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