The governor of the Bank of Russia has suggested a gradual transition to digital ruble adoption. Significant scaling is projected post-2025 and mass usage is estimated to span five to seven years.
According to insights shared by The Moscow Times, Bank of Russia Governor Elvira Nabiullina outlined the prospective trajectory for the scaling of Russia’s digital ruble following the conclusion of the pilot project.
The process, she noted, is not expected to accelerate before 2025.
Nabiullina stressed that the timeline for extensive scaling would be contingent upon the outcomes of the ongoing pilot program.
She stated that regardless of the pilot’s results, substantial expansion would not commence until after 2025.
She said, “We plan to expand the pilot project on the digital ruble, and based on its results, we will determine the timelines for serious scaling of the digital ruble. However, in our view, this will not happen before 2025.”
Nabiullina forecasted that widespread adoption of the digital ruble would require five to seven years, highlighting the importance of ensuring convenience for individuals and businesses in their choice of payment methods.
The Bank of Russia views the digital ruble as a complementary addition to existing payment systems such as the Faster Payments System, Mir payment cards, QR code/NFC payments, biometrics-based payments, and cash.
It clarified that digital currency would coexist with physical cash and is not intended to replace it.
Meanwhile, China, often considered a model for economic digitization, has already initiated the payment of civil servant salaries in digital yuan in Changshu state to encourage the use of the state-backed currency.
