The central bank of Russia says there’s a growing interest from businesses, banks and the government in smart contracts.
Elvira Nabibullina, Governor of Central Bank of Russia said in a speech at the Association of Russian Banks that the pilot program for digital ruble was “going well”.
The pilot program is being implemented by a client group consisting of about 1,700 people from around 30 different companies and 15 banks.
Nabiullina mentions also that smart contracts are a growing priority in the pilot project for digital rubles.
Banks, companies, and government are now showing interest in smart contract technology. We want smart contracts to be a priority in this development. The digital ruble provides many new opportunities. This all requires further discussion and planning.
We will therefore move to mass-implementation of the digital Ruble later than initially planned. This is after working out the finer details during the pilot, and consulting with the banks about the most appealing economic model for their customers – for both businesses and individuals. Later, we will announce a date for the launch of the digital ruble in its entirety.
“I would like to stress that the project will continue, and we plan on expanding it in both terms of its scope of operation as well as the number of participants.”
Russia is forced, since the start of the conflict in Ukraine to some extent, to use obscure financial tracks in order to carry out economic activities.
A report in the Wall Street Journal, citing “people with knowledge of the issue,” stated that investigators from the Justice Department believe Russia has used a bank controlled by its government to transfer billions through US correspondent banks to Turkey. The massive transfers were disguised as funds for a nuke plant.
An investigation by the DOJ found that Gazprombank transferred $3 billion via Citibank, and another $2 billion via JPMorgan. These large payments raised alarms with the DOJ and prompted authorities to freeze the Chase $2 billion transaction.
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