Despite earlier indications from its Central Bank on a potential nationwide rollout by 2027, the Russian government is pushing for an accelerated introduction of the digital ruble. Citizens will have access to the Central Bank Digital Currency (CBDC) by 2024.
Recent remarks from high-ranking government officials indicate an inclination towards a quicker introduction of the CBDC. Anton Siluanov, the nation’s Finance Minister, announced that by 2024, all Russians would be able to use digital ruble wallets for their payment transactions.
Siluanov recently expressed optimism regarding the adoption of CBDC. He indicated that his ministry plans to initiate a pilot program for Treasury payments in the early months of next year.
Furthermore, the minister highlighted the potential use of digital currency in facilitating welfare payments and the issuance of government subsidies in Moscow. He said:
“Next year, I am sure that we will all be able to try to open a digital wallet and make payments in a new currency. This is the same ruble. It can also be exchanged for regular cash and non-cash rubles. […] This is another [incarnation] of the strong Russian ruble that we all know.”
The ministry had previously disclosed its plans to explore the implementation of “marked” digital ruble-based child benefits and pensions in 2024. The minister reiterated these plans in his latest statements, addressing attendees at the Russia exhibition and forum: “The digital ruble [will let us] know how money is used. [If coins are distributed] as child benefit payments, they will only be spent on childcare and for no other purposes. There is no place for fraud and misuse here, which sometimes happens otherwise.”
However, the Central Bank has exercised caution in specifying a timeline for the rollout of a CBDC. The bank has also refrained from stating whether the digital ruble could be employed for cross-border payments.
Until recently, making such assertive statements was typically associated with more optimistic senior government officials, some of whom have even discussed the potential interoperability between the digital ruble and the digital Yuan.
On December 7, during a banking forum, the Governor of the bank, Elvira Nabiullina, said that “digital finance tools,” potentially including the Central Bank Digital Currency (CBDC), held significant potential in the realm of international payments.
