The Central Bank of Russia has initiated a pilot program in the Tatarstan region to test smart contracts associated with the digital ruble.
The Tatarstan Ministry of Finance has agreed to the proposal and has already formed a working group to oversee the testing of digital ruble transactions within the region.
Upon completion of the testing phase, the Ministry and the Central Bank will establish requirements for the intended use of potential budget subsidies, which will be formalized into a smart contract. This experimental phase is expected to conclude in the third quarter of 2025.
Initially, the Central Bank had intended to launch a broader rollout of the digital ruble by July 1, 2025, but these plans have been postponed, as stated by the bank’s governor. A new launch date will be specified in due course.
According to the governor, the large-scale implementation will occur only after extensive testing and discussions with banks to determine the most economically viable model for customers. However, the pilot program has shown promising progress thus far.
To provide context, the legislation concerning the introduction of the digital ruble came into effect in August 2023, with the first phase of testing commencing on August 15. Despite these advances, the Central Bank has delayed the national rollout, raising concerns that the initiative might not proceed as intended.
The digital ruble project is in line with a global trend, as central banks around the world are actively investigating and testing Central Bank Digital Currencies (CBDCs). In September 2024, reports indicated that 134 countries were considering the launch of national CBDCs.
Several nations, including China, South Korea, Papua New Guinea, and the United Kingdom, have already begun testing their CBDCs. Additionally, the European Central Bank is conducting a multi-year trial for the digital euro. Moreover, the Bahamas, Jamaica, and Nigeria have successfully launched their CBDCs, becoming leaders in the digitization of national fiat currencies.