The central banks of Russia and Japan announced that in April they will launch the pilot tests of their CBDCs, planes that they have been working on for a few months.

The executive director of the Japan Bank, Uchida Shinichi, declared this week that the pilot tests seek to make clear the viability of the CBDC currency in the local financial environment, with the collaboration of thirteen financial institutions and other payment platforms.

You need to know that you can do that before you can do it with non-individual person-to-person transactions, and you can do it with business and service customers.

Regarding the tests in Russia, which has already been announcing this topic since last year, it is expected to launch its CBDC in 2024.

In the midst of the controversy that digital money generates globally, and especially in countries like Russia and Japan, where restrictions are deep, it is important to remember that digital money is being considered as a way to evade sanctions from the European bloc and from USA.

Related to the issue of cryptocurrencies, on the other hand, it is important to mention the advances of the European Parliament in terms of digital identity (eID) that allows citizens to “identify and authenticate themselves online (through a European digital identity wallet) without having to resort to commercial providers”.

M.Pino

Source: observatorioblockchain

(Reference image source: Unsplash, in collaboration with Getty Images)

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La entrada Japan and Russia will test their CBDC coins in April apareció primero en Bitfinance.

The Central Bank of Russia announced that it plans to implement a digital ruble for 12 previously chosen banks in 2024.

A document issued by the CNR establishes that the comprehensive implementation is scheduled to begin within two years, in said document the monetary policy priorities for the 2023-2025 period are established.

“In 2024, the Bank of Russia will begin to gradually connect all credit institutions to the digital ruble platform and increase the number of available payment and transaction options using smart contracts,” states part of the report.

The first phase of the use of the central bank’s digital currency will allow the participants of the pilot program to be able to adapt to the new conditions, according to the Central Bank of Russia.

The institution does not expect a large-scale outflow of funds from bank deposits, as traditional financial institutions attract capital by offering interest payments and bonus programs. For Russian banks, the digital ruble should serve as “an additional incentive to increase the attractiveness of bank accounts.”

K. Tovar

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Source: Diariobitcoin

La entrada Russia wants to implement its digital currency by 2024 apareció primero en Bitfinance.

The Central Bank of Russia has announced the start of pilot tests with the digital ruble for execution at the end of 2021, as reported by the entity’s deputy governor, Alexey Zabotkin to local Prime news agency.

The senior executive affirmed that the strategy is to complete a prototype of the digital ruble by the end of 2021, which will not admit “real transactions”, but will serve as a pilot plan to build the ecosystem.

In addition, Zabotkin reported: “Based on this prototype, including refinement, we will begin to implement test rounds next year”. His statements reaffirm Russia’s intention to create a CBDC that goes into circulation in 2022.

At the end of February, the first deputy governor of the Bank of Russia, Olga Skorobogatova, announced that the bank is still working on the development of a concept on the chosen model of the digital ruble, assuring that the bank has not ruled out the possibility of charging commissions for transfers between digital ruble wallets.

All these plans were announced on the occasion of an online event organized by the New Moscow School of Economics.

K. Villarroel

Source: cointelegraph

La entrada Bank of Russia works on digital ruble apareció primero en Bitfinance.