The launch of the cryptocurrency ruble in Russia on April Fool’s Day failed

The pilot launch of the digital ruble, which the terrorist state planned to announce on April 1, was expected to fail. According to the Russian authorities, there is no appropriate regulatory framework for this — the bills related to the instrument have passed only the first reading.

Experts also pointed to a number of problems with the Russian CBDC. For example, the Central Bank of the invading country plans to charge interest from legal entities for future operations with cryptocurrencies. However, the specific amount of the fee has not been determined. The criminal authorities have only announced that it will not be higher than in the rapid payment system. In the absence of demand for the digital ruble, financiers consider this decision of the regulator to be nonsense.

Analysts also drew attention to the fact that the security system for CBDC is not ready. According to representatives of the Bank of Russia, the anti-fraud system is currently under development and it is too early to talk about anything specific.

As a reminder, the prototype platform for the sale of the digital ruble was launched in January 2022, with five banks participating. Together with the regulator, they tested the issuance of the asset, the opening of digital wallets, and transactions between users.

It should be added that 13 banks and financial institutions were supposed to take part in this year’s April launch of the crypto-currency. As a next step, the occupiers planned to use the digital ruble for settlements with China. However, so far, China has been successfully testing the digital yuan.