Russia: 13 banks will test the CBDC

Russia: 13 banks will test the CBDC

Yesterday, Russia central bank announced that testing of the digital ruble, i.e. the Russian CBDC, will be carried out by 13 banks and a small group of their customers. 
The official statement says that during the first phase of this pilot project, they will process basic transactions such as opening bank accounts in digital rubles with digital wallets, deposits, transfers between citizens, automatic payments, and payments for purchases and services via QR codes. 
Tests on digital ruble payments will take place in only 30 outlets located in 11 Russian cities.
By the end of 2023, however, the list of participants in the pilot project will be expanded. 
Next year, dynamic QR code payments, and transfers between legal entities, will also be introduced. 
The CBDC of Russia
CBDCs (Central Bank Digital Currencies) are nothing more than natively digital versions of classic fiat currencies issued by central banks. 
In other words, they are the exact same currencies that citizens are alre

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