The Russian Federation's Progress On Developing a CBDC, and a New Rule Demonstrating Central Bank Control Over Digital Funds By the Bank of Russia

An update on Russia's Digital Ruble progress.

To all my subscribers, I wish you a very happy and blessed new year! May God bless you abundantly and exceedingly this year and may we all be faithful to God as we prepare for Jesus’ soon second coming.

---

Romans 8:28 (KJV)

²⁸ And we know that all things work together for good to them that love God, to them who are the called according to his purpose.

---

The Russian Federation's Progress On Developing a CBDC, the Digital Ruble, And a New Rule Demonstrating Central Bank Control Over Digital Funds By The Bank of Russia

Russia has made significant progress on its digital ruble central bank digital currency (CBDC) since the project’s inception. Presently, according to data by CBDCtracker.org and the Atlantic Council, the Bank of Russia’s digital ruble is in the Pilot Phase of development:

Here are the key points regarding its progress:

• Trials and Transactions: As of March 2024, there were 25,000 transactions involving the digital ruble, with 19,000 for person-to-person payments and around 3,500 involving smart contracts, and as of the end of July 2024, there were reportedly 30,000 digital ruble transactions conducted. The trials began in August 2023 and involved 13 banks, 600 end users, and 30 merchants across 11 cities.