Russia to Experiment Digital Ruble Settlements for Real Estate Deals

Russia’s central bank wants to start implementing smart contracts with the digital ruble next April.

Till then, the new incarnation of the Rouble will be put to the test in various scenarios.

The tests include automated payments and other transactions between individual users and businesses, like real estate acquisitions.

Bank of Russia finalized the prototype platform of its central bank digital currency (CBDC) in December, 2021.

At its first stage, participants are issuing digital rubles, setting up wallets for banks and citizens, and making transfers between them. Smart contracts will be presented during the second stage of the pilot.

The digital ruble smart contracts will allow large businesses to carry out complex transactions.