Russian Central Bank Dismisses 2024 Launch
The Russian Central Bank has downplayed speculations about the nationwide release of its digital ruble in 2024, asserting that the coin will not be ready for nationwide utilization until 2025. In an announcement made to Tass, the bank’s press service clarified that although they were prepared to expand their ongoing CBDC pilot involving 13 banks and 11 cities, the activities related to the digital ruble in 2024 would remain limited. A spokesperson from the bank stated:
“The Central Bank discounted the possibility of bringing the rollout forward to next year.”
Currently, around 600 Russians are participating in real-world trials of the digital ruble, including scenarios within the Moscow Metro system.
Contrasting Views on CBDC Adoption
These statements from the bank follow recent remarks from the Russian finance ministry, affirming that “all Russians” would gain access to the CBDC in 2024. Minister Anton Siluanov emphasized at a forum that “in 2024, all Russians will be able to experience making use of digital ruble wallets to make payments.” The ministry is also eager to expedite the implementation of CBDC-backed benefits payments, using “marked” or colored tokens to prevent fraud and misuse of government subsidies. Siluanov further explained how marking the coins will ensure they are spent as intended.
In addition, the Central Bank reiterates its commitment to enabling citizens to engage in commission-free peer-to-peer transfers using the digital ruble. However, the bank will impose transaction fees for business-to-business transactions. The spokesperson clarified:
“Siluanov’s more bullish statements on CBDC issuance belie an ongoing rift between the Central bank and the ministry.”
In previous instances, the parties have clashed over cryptocurrency regulations, with the finance ministry advocating for a more progressive approach, while the central bank has called for an outright ban.
