Russian Central Bank plans to move to mass implementation of digital ruble as of July 2025 - Nabiullina

MOSCOW. July 30 (Interfax) - The Central Bank of Russia plans to move from pilot mode to mass implementation of the digital ruble as of July 2025, Central Bank Governor Elvira Nabiullina said.

"In terms of our pilot project for the digital ruble, we will expand it in just a month for those banks that are already with us in the pilot mode. There will also be a series of expansions for the pilot project going forward," Nabiullina said in the Federation Council.

"I can currently say that if everything continues to go according to our plan, then we will successfully implement the pilot projects. We will be able to move from the pilot mode to mass implementation of the digital ruble as of July 2025. We are aiming for these dates," Nabiullina said.

The digital ruble is the third form of the Russian national currency that the CBR plans to issue in addition to the existing forms of cash and non-cash money. The CBR has been conducting a pilot project with real digital rubles since August 15, 2023. The first stage of testing is taking place in the friends and family mode with the participation of around 600 individuals from among the employees of 12 banks. They are testing the opening and closing of digital wallets, refilling them and transferring funds between individuals, as well as effecting automatic payments and transfers.

The CBR expects to expand the pilot project on September 1, 2024. A second group of 20 lending institutions will join the testing, with the number of individual participants rising to 9,000 and legal entities increasing to 1,200. QR code payments and payments between legal entities will supplement the list of tested operations.

Implementing the digital ruble into wide circulation is expected to begin gradually in 2025.