Russia CBDC is in testing and implementation phase

Russia has passed a law on the issuance of CBDC (Central Bank Digital Currency) and is set to implement it starting from August 1, 2023.

This process has now entered the testing and implementation phase. Other countries are closely monitoring how Russia and other nations handle the challenges and opportunities related to CBDC.

During a media briefing on September 6, Anatoly Akskov, the head of the Banking Committee in the Russian Duma, revealed that the digital ruble will gradually replace the need for traditional banks in the country.

CBDC has the potential to drive advancements in the financial and monetary systems, but it also requires careful management to ensure that it does not lead to unintended consequences for users and the financial system.