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Central Bank to start connecting all Russian banks to digital ruble platform in 2024

"The gradual process of the digital ruble introduction will enable market participants to adjust to new conditions," the Central Bank noted

MOSCOW, August 12. /TASS/. Russia’s Central Bank will start gradually connecting all Russian banks to the digital ruble platform in 2024, according to Draft Monetary Policy Guidelines for 2023-2025.

"In 2024, the Bank of Russia will start gradually connecting all credit organizations to the digital ruble platform, increase the number of available payment options and transactions using smart contracts," according to the document published on Friday.

The regulator plans to implement the off-line mode of the digital ruble, connect non-bank financial mediators, financial platforms, stock exchange infrastructure in 2025, the document said. "The gradual process of the digital ruble introduction will enable market participants to adjust to new conditions," the Central Bank noted.

The Bank of Russia is ready to introduce quantitative restrictions on transactions with the digital ruble, particularly, on the amount of funds in the digital wallet, as well as the scale of transactions, if necessary.

The digital ruble platform’s prototype was completed in late 2021. This year twelve banks have been added to the pilot group for testing the development of the roadmap for introduction of the digital ruble.