Russia central bank says digital ruble launch on schedule

Russia’s central bank says preparations for the nationwide launch of the digital ruble remain on track, with the central bank digital currency expected to be introduced in September.

Bank of Russia Governor Elvira Nabiullina said institutions involved in the pilot programme are finalising the systems needed to support the digital currency when it goes live.

“We are on schedule, all the basic transfer functionality, payments, it is working and a multi-level protection of the digital ruble platform from cyber threats has been built,”

Nabiullina said.

The digital ruble pilot began in August 2023 and includes a group of 13 banks testing transactions, transfers and payment services on the central bank’s platform.

Under the rollout plan, major banks will be required to support digital ruble accounts, transfers and retail payments from the first day of the launch.

The initiative also includes a universal QR code-based payment system connected to Russia’s National Payment Card System to enable purchases and transfers.

Smaller financial institutions will integrate the digital ruble gradually, with the central bank targeting full nationwide adoption by September 2028.