According to the authorised Financial Market Development Strategy of the Ministry of Finance, the complete launch of the digital ruble, Russia’s central bank digital currency (CBDC), should take place before 2030. Central Bank of Russia (CBR) head Elvira Nabiullina announced in the State Duma that the digital ruble will open up new chances for Russia, its population, and enterprises. The government will use it to make targeted payments to help particular areas of the economy and society. Individual transfers will be free of charge, however, payments for goods and services may be subject to a minor fee of 0.4–0.7%.
She elaborated:
“We quickly created a prototype of the digital ruble, now we are already testing with banks. Next year, we will pilot settlements in the real economy.”
The President of the Bank of Russia stated her optimism that Russian legislators will pass the required legal reforms to pave the way for the commercial deployment of the digital ruble. Her demand comes after First Deputy Governor Olga Skorobogatova said earlier this week that pressing forward with the digital ruble initiative is critical and that the bank will not delay the testing.
The CBDC is anticipated to enable domestic settlements and cross-border payments with Russian Federation partners. Five financial institutions are now participating, with an additional seven banks anticipated to join in the next few months. The tests are planned to run until 2022.
The President of the Bank of Russia stated her optimism that Russian legislators will pass the required legal reforms to pave the way for the commercial deployment of the digital ruble. Her demand comes after First Deputy Governor Olga Skorobogatova said earlier this week that pressing forward with the digital ruble initiative is critical and that the bank will not delay the testing.
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