In short
- The issuance of digital rubles in Russia is on track to begin on September 1, according to a law passed last year.
- CBDC will be implemented three years after Russian President Vladimir Putin signed the bill into law.
- Although the central bank expects participation from banks and citizens, an independent report shows that “there is no great public interest.”
Major Russian banks and retailers are ready to allow citizens to use the country’s digital ruble by the September 1 deadline, Governor of the Bank of Russia Elvira Nabiullina said this week, according to a state media report.
“Everything is ready for the widespread use of the digital ruble,” Nabiullina said at a briefing at the Central Bank Financial Conference, in a translated report.
“Systemically important banks and large retailers will need to join in order to approve,” Nabiullina said. “Technically, everything is ready; we have done the work to prepare this part.”
The central bank digital currency (CBDC) will be implemented in about three years by Russian President Vladimir Putin signed a bill into law that provides for legal tenders to digital ruble. Last July, the State Duma he issued an order stating that major banks should be ready to accept digital currency by September 1, 2026.
Beyond the digital ruble, the country is considering using it smart contracts-which holds the power of decentralized applications and other blockchain-based applications for businesses. The Bank of Russia is also considering trying to open digital wallets for banks, according to the governor.
“We want the digital ruble to be in demand by people and businesses, and to be good,” he said. “And, of course, we’re always talking to the banks about how they can do it and how they can do it.”
Although Russia’s finance minister may be interested in the emerging digital currency, it has so far “failed to generate significant public interest,” according to the source report The Moscow Times.
The independent organization cited a study by a government researcher that found Russian citizens “do not understand why they need a third form of money,” beyond cash and non-cash options.
However, the site reported that the Central Bank wants to persuade other banks to participate, paying a small fee of 0.67 rubles (less than $ 0.01) to pay.
The introduction of a central bank digital currency (or “digital dollar”) is a controversial topic in the United States, with some lawmakers and crypto advocates warning that it could allow for tighter control over money. Earlier this year, the United States Senate introduced legislation which could lead to a ban on CBDC in America.
Last month, amended wording was included in the bill for sweeping house rules that would implement a Temporary ban on US CBDC until 2030. However, President Donald Trump in the end refused to sign the bill in the closing remarks, saying it was “very unnecessary” and asking lawmakers to first pass a controversial suffrage bill.
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