Russia's central bank is set to conduct pilot tests for its digital currency, the digital ruble, in Moscow and 10 other cities. Over a dozen Russian banks will participate in the trials, involving real transactions with users, starting in mid-August. The tests aim to explore the feasibility of central bank digital currencies (CBDCs) and their potential applications. This move comes after Russia passed legislation to introduce the digital ruble and aligns with the country's efforts to embrace digital finance while complementing existing forms of currency.
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