Russian Central Bank Delays Digital Ruble Rollout to 2025
The Russian Central Bank has dismissed claims of a 2024 launch for its digital ruble, stating that the coin will not be ready for nationwide use until 2025. The bank’s current pilot program, involving 13 banks and 11 cities, will expand next year but will still have limited participants. The pilot will continue until the end of 2024 before the digital ruble is introduced into mass circulation. Currently, around 600 Russians are testing the coin in real-world scenarios, including the Moscow Metro system.
Russian Finance Ministry Pushes for Faster CBDC Rollout
The Russian finance ministry contradicts the central bank’s stance, claiming that “all Russians” will be able to use the CBDC in 2024. Minister Anton Siluanov announced at a forum that digital ruble wallets would be available for payments next year. Additionally, the ministry aims to expedite the launch of CBDC-powered benefits payments using colored tokens to prevent fraud and misuse. While P2P transfers with the digital ruble will be commission-free for citizens, businesses will incur a minimal commission rate of 0.3% for accepting payments in digital rubles.
Hot Take: Russian Central Bank and Finance Ministry Clash over CBDC
The Russian Central Bank and Finance Ministry remain at odds over the rollout and regulation of the digital ruble. While the ministry favors a fast and progressive approach, the bank has previously called for an outright ban on cryptocurrencies. This disagreement highlights ongoing tensions between the two entities regarding crypto policy in Russia.
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