The Russian government is accelerating the launch of the digital ruble and has announced that all citizens will have access to the Central Bank Digital Currency (CBDC) by 2024. Previously, the Central Bank had projected a full nationwide rollout by 2027, but recent statements from senior officials indicate a preference for a quicker implementation.
Rapid Adoption and Benefits
Finance Minister Anton Siluanov emphasized the government’s commitment to the CBDC, stating that by 2024, “all Russians will be able to experience” the convenience of using digital ruble wallets for payments. Siluanov also outlined his ministry’s plans to pilot Treasury payments using the digital ruble early next year. He further highlighted the potential for leveraging the CBDC for welfare payments and government subsidies.
Siluanov expressed confidence in the technological development of the digital ruble, affirming its continuous progress:
“The digital ruble ‘technology’ is continuing to develop fast.”
The ministry previously indicated its intention to experiment with “marked” digital ruble-powered child benefits and pensions in 2024, reiterating this stance in Siluanov’s recent statements at the Russia exhibition and forum.
Potential for Cross-Border Use
While the Central Bank had previously refrained from confirming the digital ruble’s cross-border capabilities, it has recently shown indications that it believes the CBDC could be used outside the country. Governor Elvira Nabiullina, speaking at a banking forum on December 7, acknowledged that “digital finance tools,” potentially including the CBDC, held great prospects for international payments.
Siluanov also expressed openness to overseas traders and nations conducting crypto transactions with Russians. He stated that if using digital currencies were more “convenient” for them, they were welcome to do so.
