The Russian Central Bank has revealed its decision to significantly expand its digital ruble pilot programme starting 1 September 2024. The Russian Central Bank plans to significantly expand its digital ruble pilot program starting September 1.

The primary goal of this endeavour is to include a broader range of clients and transactions. The pilot, which initially involved 600 individuals across 11 cities and a small group of banks, will now expand 'by tens of times,' according to cryptonews.com citing a Pravda publication. This new phase will see participation from a larger number of banks and a diverse set of individuals and companies, with 12 banks currently participating and 19 more in the process of joining.

Officials from the Russian Central Bank announced the expansion during the Russian Financial Congress, noting the increased demand from citizens and businesses to use the digital ruble. Specifically, the pilot's scope will extend to 9,000 individuals and 1,200 legal entities later this year, with ongoing transactions including approximately 19,000 peer-to-peer transactions and over 6,000 payments made using the digital ruble. Smart contract transactions have also been conducted, although the specifics were not detailed.

The Central Bank's efforts reflect its strategy to integrate the digital ruble nationwide by the end of 2025, emphasising the project's anticipated growth in the coming years. Despite these developments, the Central Bank continues to advocate for the exclusion of cryptocurrency exchanges from the national economy. More information about the digital ruble According to investopedia.com, the Digital Ruble is a central bank digital currency (CBDC) commissioned by Russia's president.

It is not a cryptocurrency such as Bitcoin or Ethereum, as it is issued by the government and represents the official currency of the nation, the ruble. The value of the Digital Ruble is identical to the value of a regular ruble. The first pilot group for the testing of the digital ruble was formed in June 2021 and included 12 banks.

The same source reveals that Russian citizens cannot use cryptocurrency to purchase goods and services, but they can use it in other transactions. However, research suggests that cryptocurrency is still being used in the country for other purposes. .