Digital ruble in Russia – planned introduction by 2025

The Head of the Central Bank of Russia Predicts Introduction of Digital Ruble No Earlier Than 2025

The Head of the Central Bank of Russia, Elvira Nabiullina, signals a slow adoption of the digital ruble, with expected scaling not before 2025. The planned transition to widespread use is foreseen within five to seven years, as reported by The Moscow Times.

Pilot Project as a Prelude to Full Implementation

Nabiullina emphasized that the planned scaling of the digital ruble will largely depend on the results of the ongoing pilot project. Regardless of the outcomes of these efforts, a significant rollout of the new currency will not occur before the specified timeframe.

Adaptation Process and Gradual Implementation

The Chairperson of the Central Bank of Russia highlighted that the widespread adoption of the digital ruble will take from five to seven years. She also stressed that this will be a natural process, based on the choices of individuals and businesses for whom using this digital currency must be convenient.

Digital Ruble as a Complement to Traditional Payment Methods

The Central Bank of Russia views the digital version of the ruble as an addition to current payment methods, ensuring that it will be used alongside cash by individuals and businesses. The new form of currency is not intended to replace traditional cash but to operate alongside it.

By taking China as a model for the digitization of the economy, Russia is already following the steps of other countries. China has started paying state employees salaries in digital yuan to promote the use of a currency controlled by the state.

The decision to introduce the digital ruble is part of the global trend of digital transformation of economies, while simultaneously maintaining traditional payment forms. Like other countries, Russia is moving towards modern solutions to meet the demands of the digital world, all while ensuring financial security and citizens’ privacy.