The Bank of Russia has postponed the mass rollout of its central bank digital currency (CBDC), the digital ruble, as authorities work to refine the pilot program and ensure a robust economic framework for banks and their customers.
According to a state-backed news agency TASS report, the central bank initially planned for a wider launch by July 1, 2024. However, officials have now decided to extend the pilot phase, emphasizing the need for thorough testing and consultation with financial institutions before moving forward.
“We will move on to the mass implementation of the digital ruble somewhat later than originally planned, namely, after we have worked out all the details in the pilot and conducted all consultations with banks on the economic model that is most attractive to their clients,”
said Elvira Nabiullina, Governor of the Bank of Russia. She added that a new launch date would be announced in due course.
The digital ruble pilot began in August 2023, involving 12 banks and around 600 employees. Key functionalities being tested include digital wallet management, fund transfers, and automated payments. The central bank is committed to the project but is taking a cautious approach to ensure smooth integration with Russia’s financial system.
A 2020 consultation paper from the Bank of Russia stated that the digital ruble will complement traditional cash and non-cash rubles rather than replace them. This approach aligns with global trends in Central Bank Digital Currency (CBDC) adoption, with some countries, like China, taking a more aggressive stance. China has started paying its civil servants in the digital yuan to promote adoption.
Notably, Russia’s largest bank, Sberbank, confirmed in September 2024 that it would begin offering the digital ruble to its customers by early 2025. Anatoly Popov, Deputy Chief Executive of Sberbank, reportedly stated that the bank would participate in the second phase of the Bank of Russia’s testing program alongside approximately 20 other financial institutions.
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