Russia · Vladimir Putin · Decrypt
Russia Is Ready for 'Widespread Use' of Digital Ruble by September, Confirms Bank Governor
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Major Russian banks and retailers are ready to allow citizens to use the national's digital ruble by the September 1 deadline, Bank of Russia Governor Elvira Nabiullina said this week, according to a report from state-owned media.
Key facts
- Nevertheless, the outlet reported that the Central Bank will aim to entice other banks to participate, paying a small commission of around 0.67 Rubles (less than $0.01) for completed payments
- Major Russian banks and retailers are ready to allow citizens to use the national's digital ruble by the September 1 deadline, Bank of Russia Governor Elvira Nabiullina said this week, according
- Last month, updated text was included in a bill for sweeping housing legislation that would implement a temporary ban on a U.S. CBDC through 2030
- The nation’s central bank digital currency (CBDC) plan will come to fruition nearly three years after Russian President Vladimir Putin signed a bill into law that granted the legal tender
Summary
Russia's digital ruble rollout is on track to begin on September 1, as mandated by a law passed last year. The CBDC is launching three years after Russian President Vladimir Putin signed a bill into law enabling it. While the central bank is hoping for participation from banks and citizens, an independent report suggests there is "not significant public interest. “Everything is ready for the widespread use of the digital ruble,” Nabiullina said during a briefing during the Central Bank Financial Conference, per the translated report.