Russia has delayed its central bank digital currency (CBDC) pilot program, citing the need to await the passage of a new law regulating digital assets. The pilot program, which was originally scheduled to launch in late 2022, is now expected to begin in early 2024.

The delay is part of a broader trend towards increased regulation and oversight of the cryptocurrency and digital asset industry in Russia and other countries around the world. As more businesses and individuals seek to participate in the market, there is growing demand for effective and efficient regulatory frameworks that protect against financial crime and other risks while also promoting innovation and growth.

The delay in the CBDC pilot program in Russia underscores the need for effective and fair regulatory frameworks that promote innovation while also protecting against financial crime and other risks. The development of CBDCs and other digital assets has the potential to revolutionize finance and create a more efficient, secure, and transparent financial system, but it also remains vulnerable to fraud, manipulation, and other forms of financial crime.

(by Pradipta Mukherjee)