By John Meyer, consultant in financial affairs – Eurasia Business News, July 31, 2024. Article n°1127.

The mass introduction of the digital ruble is possible from July 2025, stated the Governor of the Bank of Russia Elvira Nabiullina on July 30 at a meeting of the Council for the Development of the Financial Market under the Federation Council on the topic “The role of the financial system in the development of the economy and improving the well-being of citizens”.

According to the head of the Central Bank, the pilot project for the introduction of the digital ruble will expand for those banks that take part in it and in the future there will be a series of pilot extensions.

“Now I can say that if everything continues to go according to our plan, we will successfully carry out pilots, we will be able to move from a pilot to the mass introduction of the digital ruble from July 2025, we are aiming for these dates,” Elvira Nabiullina said.

The head of the Bank of Russia claims that the process will be gradual and the use of the digital ruble by citizens “will be absolutely voluntary.”

“I will not get tired of repeating this, because there is a big misunderstanding that we will impose the digital ruble. This is not true,” Elvira Nabiullina assured.

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Elvira Nabiullina also named the advantages of the digital ruble: absolutely free transfers for citizens and several times lower commissions than on cards for business.

“We believe that thanks to these advantages, the digital ruble will gradually become a habitual part of our life within five to seven years,” the head of the Central Bank of the Russian Federation summed up the topic.

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On August 15, 2023, the Bank of Russia launched a pilot for the use of the digital ruble in real transactions. At the first stage, the opening of digital wallets to banks and their clients – citizens and companies, transfers between customers and payments at retail outlets using the digital ruble were tested. About 600 citizens and 30 retail outlets in 11 cities took part in the start of the pilot.

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© Copyright 2024 – Eurasia Business News. Article No. 1127.