Central Bank of Russia postpones wide rollout of digital ruble, new date instead of July 1 to be announced later
MOSCOW. Feb 27 (Interfax) - The widespread implementation of the digital ruble will begin later than originally scheduled, with new dates to be announced subsequently, the governor of the Central Bank of Russia Elvira Nabiullina said.
The digital ruble is the third form of Russia's national currency, which the Central Bank plans to issue alongside existing forms of money (cash and non-cash). Since August 15, 2023, the CBR has been conducting a pilot with real digital rubles. The number of participants in the pilot is gradually expanding to include both individuals and businesses, while the range of tested operations is also increasing. The phased introduction of the digital ruble into broad circulation was initially planned to begin on July 1, 2025.
"Our intention is to move to mass implementation of the digital ruble somewhat later than originally planned, specifically after we have worked through all the details in the pilot and conducted consultations with banks on the economic model that is most attractive for their clients, businesses and the public," Nabiullina said at the annual meeting of the CBR's leadership with banks organized by the Association of Banks of Russia.
"We will be able to announce the new date for the mass rollout later," she said.
The project is ongoing, the pilot is progressing successfully, and it currently involves 15 banks, 1,700 individuals and around 30 companies, she said.
The Central Bank and the majority of banks participating in the pilot program are practically ready in technological terms to implement the digital ruble on a large scale, Deputy Central Bank Governor Zulfia Kakhrumanova told reporters.
"Each bank has its own nuances. Banks have many tasks, including ensuring technological independence, upgrading their information systems and implementing security measures. There are many different aspects, and each [bank] has its own," Kakhrumanova said.
"In reality, both we and most banks are practically ready for this. Some have certain aspects to address, and since we serve as a neutral platform, we are attentive to each participant," she said.
Connecting to the digital ruble platform will be mandatory and phased in for all banks. The Central Bank is providing some components for connection free of charge, which will help reduce costs for smaller banks.
"For components that are mandatory from an information security standpoint, we provide these solutions to banks free of charge. This includes a software module for integration, which is developed and distributed to organizations in three different versions, allowing banks to choose the most optimal one for their infrastructure," she said.
"We also provide cryptographic protection tools for subordinate certification centers deployed by banks free of charge, which is also an important cost factor for banks," she said.
The CBR planned to require major banks to provide clients with access to digital ruble transactions starting July 1, 2025. Banks with a universal license were given more time to refine their systems (until July 1, 2026), while other credit institutions were granted a deadline of July 1, 2027. These requirements are outlined in draft law no. 811008-8, which also introduces a unified payment QR code system operated by the National Payment Card System.
The implementation of the digital ruble will cost an average of 200-300 million rubles per credit institution, according to an estimate from a study by the company Yakov & Partners (formerly the Russian subsidiary of McKinsey) published in February last year.
