Overview of the Bank of Russia’s Digital Ruble Launch
The Bank of Russia is gearing up to introduce the digital ruble for widespread usage by July 2025, following successful test runs. This central bank digital currency, also known as the digital ruble, is expected to revolutionize the financial landscape in Russia.
The Progression of Russia’s Digital Ruble Initiative
In a significant step towards digitalization, the Bank of Russia initiated a pilot project for its CBDC in August 2023, involving local banks and key stakeholders. This digital ruble, built on blockchain technology, embodies a centralized digital form of the Russian national currency.
Russia’s CBDC Development Timeline
Since 2017, the Russian government, led by the central bank, has been actively exploring and developing a state-issued digital currency. The recent advancements in this realm indicate a deliberate and gradual transition towards embracing the digital ruble as a mainstream form of currency.
