Russia is moving forward with its digital ruble, and smart contracts are playing a bigger role than expected.
Digital Ruble Pilot Program Expanding
The Central Bank of Russia’s governor, Elvira Nabiullina, recently announced that the digital ruble pilot program is going well. Over 1,700 individuals from 15 banks and around 30 companies are currently testing the system. While a full rollout was initially planned sooner, Nabiullina stated they’re delaying the launch to refine the program and consult with banks on the best economic model for businesses and individuals. The pilot will expand to include more participants and transactions before a wider release.
Growing Interest in Smart Contracts
Nabiullina highlighted a significant increase in interest in smart contracts from Russian banks, businesses, and the government. She emphasized that smart contracts are becoming a key priority for the digital ruble project, offering numerous new possibilities. However, she acknowledged that further discussion and preparation are needed before full implementation.
A Note on Russia’s Finances
It’s worth noting that Russia has been navigating complex financial situations recently, employing less transparent methods for international transactions. Reports suggest that billions of dollars have been moved through US banks, raising concerns and prompting investigations. While this is a separate issue, it underscores the context in which Russia is developing its digital currency.
