Among all the countries that are in the race of introducing their own CBDC, Russia is a country that seems to be winning the race. It was just the end of the year 2020 when the Central Bank of Russia had announced that it had started working on the development of CBDCs.
Similar to China, Russia has also carried out several tests and pilots to measure the scalability and durability of the digital-rubles. Following the pilots and tests for the digital-rubles, the Russian regulators have revealed that they will be launching digital-rubles by the end of 2021.
While the Central Bank of Russia continues to make progress in CBDC, other major companies are also making necessary amendments to get ready for the upcoming digital-ruble.
One of the major sectors that are anxious to become the pioneers in adopting digital-ruble is the Telecom sector.
According to the latest reports, the major mobile networks from Russia are now planning to integrate digital-ruble technology into smartphones. Two of the major mobile networks in Russia currently working on the project are Beeline and MegaFon.
These companies have already started working on the design of the infrastructure to determine how they would integrate the digital-ruble technology. Once done, they will be building a network based on the framework to ensure that the system is ready to be run through the pilot phase.
It has been reported by one of the local news agencies, Izvestia that both networks have recently expedited their activities surrounding digital-ruble.
The agency has reported that both the mobile network have proposed the launch of digital wallets for the digital-ruble. They have submitted their digital-wallet ruble proposals over at the Central Bank of Russia.
In the proposal, the networks have added that they are planning to offer even more services than digital wallets. They have mentioned that they will also integrate a service that would allow the users to link the digital-wallets with their phone numbers.
This service would provide users with the storage ability directly on their smartphones. This would make it even more convenient and easier for the users to make payments and transfer digital rubles to other users.
The news agency has also revealed that both the mobile network companies are constantly in touch with the Central Bank of Russia. They are going through extensive discussions in regards to the implementation of the digital-ruble wallets.
According to the local analysts, the recent developments in the digital-ruble sector are hinting that it will be launched even before the end of 2021. There might be possibilities that the digital-ruble would end up getting launched in the 2nd or 3rd quarter of 2021. This is the reason why the mobile network companies have also expedited their digital-ruble integration into the wallet.