The Bank of Russia plans to launch the digital ruble for widespread use by July 2025, following successful pilot tests. Governor Elvira Nabiullina announced this timeline, emphasizing a gradual transition.
The digital ruble, a blockchain-based form of the national currency, has been in pilot testing since August 2023 with 12 local banks. This initiative aims to complement existing cash and non-cash rubles, not replace them.
Russia has been developing this state-issued digital currency since 2017. The digital ruble represents a significant step in Russia’s digitization efforts, similar to China’s digital yuan.
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