CBR does not expect digital ruble to put an end to noncash payments

MOSCOW. Oct 18 (Interfax) - The Central Bank of Russia (CBR) does not expect people to abandon noncash payments because of the introduction of the digital ruble, the director of the CBR's national payment system department, Alla Bakina said.

"I don't think that we'll abandon noncash payments, because the share of noncash transactions [in Russia] has now already exceeded 80%," Bakina said during the Fintrek webinar.

There are also certain people who are accustomed to using cash and situations where it is only possible to use this form of payment, she said.

"I think that we should have all options, the most diverse instruments - cash and cards and just bank accounts, and digital accounts, and mobile apps and pay services, because then competition is created among them," Bakina said.

The digital ruble is the third form of national currency that the CBR plans to issue in additional to existing cash and noncash money. The CBR began testing transactions with real digital rubles on August 15 and plans to put the digital ruble into broad circulation gradually starting in 2025.

Bakina said there will not be any restrictions on the number of transactions with digital rubles.

"You can make them in any quantity you need. This depends on your activity and what kind of transactions you make. If you don't buy food for the week and go three times a day - for breakfast, lunch and dinner, accordingly this will be more transactions. There's no limit," she said.