The Bank of Russia has released its plan to create a Central Bank Digital Currency (CBDC). This shows that the bank will take a careful approach to integrating the digital ruble.
Elvira Nabiullina, Governor of the Bank of Russia, said that Russia’s digital ruble won’t be used on a large scale after the current test project ends in 2025. She also said that widespread use will take between five and seven years.
In an interview with The Moscow Times, Nabiullina discussed how important the test project results were in determining when to scale up. She clarified that significant growth would not happen until after 2025, no matter how the project turned out.
Russia’s Path to Digital Ruble Adoption: Nabiullina’s Vision
Nabiullina also said that the change to the digital ruble would happen gradually over the next five to seven years. Making the adoption process easy for people and businesses was very important to her, and she called it a “natural process.”
We plan to expand the digital ruble pilot project, and based on its results, we will set dates for the digital ruble to be used on a large scale. It will not happen until at least 2025.
The Russian Central Bank sees the digital ruble as an extra way to pay. It can be used with the Faster Payments System, Mir payment cards, biometrics-based payments, QR code/NFC payments, and cash. The Bank told people to calm down, as the digital currency would work with real rubles and not replace them.
The news comes at a time when funds are becoming more computerized worldwide. China, which is often looked to as an example of how to digitize countries, has already started using the digital yuan to pay government workers in Changshu state. This shows that the country is further along in its adoption of digital cash controlled by the government.
Russia wants to turn its ruble into a digital currency, and the Bank of Russia’s cautious approach suggests that the country has a plan to ensure that the change goes smoothly.
Over the next few years, Russia’s digital currency scene will change a lot, with plans for growth and use. The country’s banking system might be affected by these changes for a long time.
