The Bank of Russia is gearing up to introduce the digital ruble for general use by July 2025, following successful pilot tests.
On July 30, 2024, TASS, Russia’s state-run news agency, reported that the Bank of Russia aims to roll out its central bank digital currency (CBDC) — the digital ruble — nationwide by next July.
Elvira Nabiullina, the central bank governor, announced during a Federation Council meeting, emphasizing that the plan hinges on the successful completion of pilot programs.
Nabiullina highlighted that the full-scale implementation of the digital ruble will be a “gradual process,” reflecting the need for a smooth transition.
She had previously indicated that it might take up to seven years for widespread adoption, stressing the importance of convenience for individuals and businesses.
The Bank of Russia initiated the pilot phase in August 2023, involving around 600 employees from 12 local banks.
This phase includes testing various functions such as digital wallet operations, person-to-person transfers, and automated payments.
The digital ruble is a blockchain-based version of Russia’s national currency, controlled by the central bank.
Discussions around a state-issued digital currency, once dubbed the “crypto ruble,” date back to 2017.
A 2020 consultation paper from the central bank assured the public that the digital ruble would complement existing forms of currency rather than replace them.
Unlike Russia, China has already started paying civil servants in some regions with its own CBDC, the digital yuan, to promote its use.
