The pilot project of the Central Bank of Russia's Digital currency (CBDC) launched by the Central Bank of Russia will be permanently delayed. However, the participating banks have shown that they are ready to start operation.

The state-owned TASS news agency reported on March 28th that the CBDC pilot will not be as gradual from April 1 as previously announced, as specific laws can only be read in the State Duma, the lower house of the Federal Parliament. According to the TASS news agency, the law is likely to come into effect in early May.

The number of private banks participating in the pilot has been changed from 15 to 13. Some employees of the bank will become test participants in CBDC retail payments and Ingostrakh, one of the largest insurers in the country.

Bank executives expressed their passion for the project. Vitaly Kopysov, head of Breakthrough at Sinara Bank, said:

"the application of blockchain smart contracts will ease the operational pressure on banks, thus making transactions more and more transparent, which will not only reduce the probability of misuse of government and bank assets, but will eventually continue to simplify the manipulation of current contracts."

The upcoming pilot will involve real network operators and consumers, although the scale of operation is relatively limited. The general public will not be able to participate in the first stage, as banks are entering the pilot and then select customers. After the first phase, the Russian Central Bank is ready to figure out how to further expand the size of the data dollar.

The customer CBDC pilot was originally expected to begin in 2024, but was later advanced as Russia's central bank looked for an alternative to the SWIFT payment platform at a time when Western countries imposed sanctions on Russia against North Korea.

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