The digital currency of the central banks of Russia and Japan will simultaneously enter the pilot phase in April 2023.
Russia finalizes trial deployment of digital ruble
The Central Bank of Russia digital currency (CBDC) is ready for the pilot phase, Bank Deputy Governor Olga Skorobogatova confirmed Feb.
Accordingly, initial testing is conducted with a selected group of individuals/organizations. According to the Russian news agency TASS, there are currently 13 banks ready to participate. As Kyptos reportedRussia will start connecting all banks and credit institutions with the digital ruble between now and 2024.
The Central Bank of Russia first proposed the development of a CBDC in October 2020. In subsequent comments, the bank said the CBDC helped reduce the Russian economy’s dependence on the dollar and limit the impact of foreign sanctions since the invasion of Ukraine.
Russia launched ruble trials last February, after announced the official CBDC roadmap and set up a group of 12 banks for the pilot, including Sber, VTB, Tinkoff Bank…
Japan launches pilot after two years
Japan has just announced the pilot of its own CBDC, after more than two years of testing the Proof-of-Concept by the BoJ Central Bank.
At the same time as Russia, Japan will also launch a pilot program to use the digital yen next April.
BoJ CEO Shinichi Uchida announced in a recent meeting:
“The aim of the pilot program is to test the technical feasibility and design of the CBDC ecosystem using the skills and insights of private businesses.”
The move comes after more than two years of BoJ’s Proof-of-Concept testing around the digital yen. On the other hand, this is also the time when the BoJ transfers power. Kazuo Ueda is expected to take over from Haruhiko Kuroda when his second five-year term ends in April.
Previously, Japan had “changed its voice” and announced that it would not issue CBDCs. However, the final decision will be made in 2026 after thorough exploration and testing. But even though the country is becoming more strict with crypto, the metaverse and NFT segments are gaining momentum.
In general, most of the world’s major economies are aggressively developing state-backed digital currencies, such as the United States, the European Union, and China.
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