Russia’s Central Bank Delays Full-Scale Launch of Digital Ruble Project
Russia’s central bank has announced a postponement of the full-scale launch of its digital ruble project indefinitely, as reported by local media outlet TASS.
Testing Phase and Pilot Program
The central bank of Russia initiated testing of its digital currency in August 2023 through a limited pilot program. This pilot program involved 12 banks and approximately 600 employees, who focused on testing wallet functionalities, transfers, and automated payments.
Businesses Exploring Digital Ruble
Businesses also began exploring the use of the digital ruble for transactions, with initial plans for broader adoption by July 2025.
Delay and Extension of Pilot Phase
Despite initial plans for a full-scale launch, the authorities have decided to delay the project without specifying a new timeline. The pilot phase has been extended to refine technical aspects and allow banks to evaluate economic models.
Statement from Bank of Russia Governor
Bank of Russia Governor Elvira Nabiullina confirmed the delay and emphasized the importance of taking additional time to ensure that financial institutions can adopt models that cater to their customers’ needs. She stated that the postponement is necessary to ensure that the digital ruble benefits all stakeholders. Nabiullina highlighted the need to finalize details in the pilot phase and consult with banks before determining a new date for the mass launch.
Advantages of Digital Ruble
Nabiullina has previously emphasized the benefits of the digital ruble, predicting that it will become a standard part of daily transactions by 2031. Key advantages include free transfers for individuals and lower transaction costs for businesses, which could drive wider adoption.
Integration of Digital Assets in Russian Economy
Despite the delay in the digital ruble project, Russia continues to integrate digital assets into its economy. In the past year, the country has implemented various crypto-related regulations, such as tax frameworks and mining laws, to formalize the sector.
