Russia indefinitely extends pilot phase of digital ruble project

On February 28th, according to CryptoSlate, the Russian central bank has indefinitely postponed the full launch of its digital ruble project. The Russian central bank has started testing digital currencies since August 2023, conducting a limited pilot program. The plan involves 12 banks and approximately 600 employees, testing wallet functions, transfers, and automatic payments. The company has also explored using digital rubles for transactions, with initial plans to achieve wider adoption by July 2025. However, the launch plan has been postponed and no new timetable has been announced. The Russian government has decided to extend the pilot phase to further improve the technical aspects and allow banks to evaluate the economic model. Elvira Nabiullina, the Governor of the Russian Central Bank, reportedly confirmed the extension, emphasizing that the additional time will help financial institutions adopt models suitable for their clients. She also emphasized that delaying the launch is to ensure that the digital ruble benefits all stakeholders.