Russia’s CBDC pilot hits 25,000 transaction mark [Video]

Russia’s plan to introduce a central bank digital currency (CBDC) has hit another milestone after officials confirmed the completion of 25,000 digital ruble transactions.

Data shows digital ruble transactions have soared to 25,000 in under seven months, with person-to-person transactions contributing a significant portion of the milestone with a staggering 19,000 separate transactions.

Transactions involving customers and business entities made up a slice of the metrics at 6,000 at the start of March. A closer look at the figures indicates a growing dependence on smart contracts for programmability functionalities.

The Bank of Russia began its retail CBDC pilot in mid-August after the State Duma launched a comprehensive legal framework, onboarding 12 commercial banks for the experiments.

Spread across 11 cities with 600 individual users and 30 merchants, Russia’s digital ruble started slowly with early transactions reportedly plagued by errors and delayed transactions from commercial banks playing an intermediary role.

Aware of the challenges, Bank of Russia Deputy Governor Olga Skorobogatova …