Russian government and central bank successfully test digital ruble in budget settlement

The Russian government and central bank announced the successful trial of the digital ruble in budget settlement. The central bank and the Ministry of Finance conducted a closed door test of the digital ruble budget operation at the end of 2024. According to reports, despite opposition from the country's commercial banking sector, the central bank still hopes to launch the currency in early July this year. It stated that testing is "ongoing" but did not disclose any details of the pilot "budget" transaction. The Ministry of Finance stated that so far, there are no plans to use digital rubles to pay government funds to citizens, and has repeatedly talked about using digital rubles to "ensure targeted use of budget funds".