Anatoly Aksakov, Chairman of the State Duma’s Committee on Financial Markets, has announced that Russia’s Central Bank Digital Currency (CBDC), the digital ruble, will not be ready for international transactions until 2026. According to TASS, Aksakov stated that “Russians will be able to make payments abroad with digital rubles in two years at the earliest.”
Russian CBDC: 30,000 Transactions Processed So Far
Aksakov further indicated that widespread use of the CBDC will not commence until 2026. He also noted that broader adoption efforts would begin in 2025. Although there has been a delay in the token’s introduction, the digital ruble plans remain intact. President Vladimir Putin has urged Russia to capitalize on the opportunity presented by digital assets, including the CBDC.
Currently, the Central Bank is testing the digital ruble with 12 banks and a group of 600 citizens across 11 cities. Plans are underway to expand this pilot program on September 1, with an additional 20 banks and 9,000 citizens expected to participate. Despite this, Finance Minister Anton Siluanov previously projected that by 2024, all Russians would be able to use digital ruble wallets for payments.
Challenges and Future Projections
Experts had anticipated 2024 to be significant for cross-border CBDC advancements. However, these projections now seem unlikely, as Putin emphasizes accelerating progress. He has stressed the need for greater utilization of digital assets within Russia and in international dealings. According to Putin, the Central Bank must integrate the digital ruble more extensively into the economy.
Current Usage and Future Plans
As of July 1, more than 30,000 transactions have been conducted using the digital ruble. This includes over 27,000 peer-to-peer transfers and more than 7,000 payments for goods and services. Aksakov mentioned that establishing domestic mutual settlements is essential before expanding cross-border payments. He believes that 2025 should focus on domestic adoption, with a broader rollout possible by 2026.
Conclusion
The gradual approach to implementing the digital ruble aims to minimize risks associated with this new feature. While the full-scale deployment is still a few years away, ongoing pilot programs and government efforts indicate a strong commitment to advancing Russia’s digital currency initiatives.
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