Russia will officially start testing digital ruble transactions with real consumers on April 1, according to Olga Skorobogatova, First Deputy Governor of the Bank of Russia. Thirteen banks are lined up to participate in the retail central bank digital currency (CBDC) pilot, Kommersant reported.

“We are planning to launch the digital ruble project in a pilot stage from April 1 at the beginning with operations: transfers between individuals and payments in commercial and service companies,” Skorobogatova said (translated with Google Translate).

There have been recent unconfirmed reports that the central bank is accelerating plans for cross-border CBDC trials to start imminently. According to a previously published timetable, CBDC cross-border trials were only planned for 2024.

Meanwhile, legislation to give the central bank the authority to issue a CBDC was submitted to the state Duma in late 2022 and added to the agenda in mid-January. It gives the central bank responsibility for issuing CBDCs and the right to determine fees and remuneration for all participants.

In other news, this week the press department of the Bank of Russia said it had created the Department for the Organization of International Settlements. The goal appears to be to address sanctions. The department will develop correspondent banking relationships between Russian banks and ‘friendly country’ counterparties. It will explore ‘domestic currency’ deals and cross-border transaction ‘opportunities’.