He made the announcement during the Russia-Islamic World: KazanForum event in Kazan, Tatarstan.
"All bilateral agreements between the countries have been reached. We are waiting for confirmation from the central banks of both countries as to when the system will go live. The launch date depends on the decision of the central banks of the two countries." Shalbafian told the TASS News Agency on Friday.
The 14th International Economic Forum, "Russia - Islamic World: KazanForum 2023," is currently taking place at the Kazan Expo International Exhibition Center (IEC) from May 18-20.
The forum is expected to draw more than 7,000 participants from 85 countries and 84 Russian regions.
Approximately 200 events will be held during the forum, with expectations of signing at least 100 business and other agreements.