The Bank of Russia has set a target for widespread adoption of the digital ruble by July 2025, aiming to integrate the currency into the country’s financial ecosystem for both retail and commercial use.
Russia’s largest banks are expected to support the initiative by enabling customers to open and top up digital ruble accounts, make transfers, and accept digital rubles in their infrastructure. According to the central bank’s statement on Thursday, the goal is to ensure that the digital national currency is available to citizens and businesses alike. They should be able to use it on equal footing with cash and non-cash payments.
The digital ruble is a central bank digital currency (CBDC) a state-issued digital asset. Many countries are experimenting with CBDCs for both retail and institutional purposes, with the Bahamas and Nigeria already rolling out their own digital currencies.
Russia has been conducting tests for the digital ruble with 12 banks. Earlier this month, the trials expanded to include 9,000 participants, up from an initial group of 600.
This move marks a significant step in Russia’s effort to modernize its financial system, providing more efficient and secure payment methods for its citizens.
