Russia Delays Mass Rollout of Digital Ruble

Russia is delaying the mass rollout of its central bank digital currency, the digital ruble, to ensure the pilot program runs smoothly and to align with banks on an economic model.

According to Russia’s state-backed news agency TASS, the Bank of Russia has decided to postpone the rollout as officials aim to improve the pilot and discuss viable economic strategies with banks. A new launch date will be announced later, with an emphasis on ensuring benefits for both banks and clients.

> “We will move to the mass implementation of the digital ruble a little later than originally planned, namely after we work through all the details in the pilot and hold all consultations with banks on the economic model that is most attractive for their clients. We will be able to announce the new mass launch date later.”
> — Elvira Nabiullina, Governor of the Bank of Russia

The pilot for the digital ruble began in August 2023, allowing select banks and users to test out payments. Initially scheduled for a wider launch by July 1, new timelines now remain unclear. The pilot involves approximately 600 employees from 12 banks who are testing digital wallet functionalities including wallet openings and closings, wallet top-ups, person-to-person transfers, and automated payments.

In a consultation paper from October 2020, the central bank assured citizens that the proposed central bank digital currency (CBDC) will complement existing cash and non-cash rubles in circulation. Meanwhile, China, as a benchmark for Russia’s digitization efforts, has begun paying civil servants in the Changshu state salaries using its own CBDC, the digital yuan.

Related news: Russian lawmakers believe the digital ruble will ultimately replace banks.