Following an extensive testing period with banks, Russia will commence a pilot program of its digital rouble on 15 August. The initiative is part of the country’s strategy to enhance its financial system and offer an alternative to cryptocurrencies like Bitcoin. Countries like Nigeria and several in the Caribbean are already using their own digital currencies. The pilot will involve opening digital wallets, conducting transactions using digital roubles and transferring funds between around 600 customers and 30 companies across 11 cities. The digital rouble is scheduled for mass adoption in 2025. One of its aims is to eventually facilitate cross-border transactions with countries that have their own digital currencies.
Source: https://www.reuters.com
