Russia delays mass implementation of the digital ruble
The head of the Central Bank of Russia, Elvira Nabiullina, announced that the country is postponing the mass implementation of the digital ruble. This was reported by the press service of the financial institution.
She noted that the introduction of the digital currency on July 1, as previously planned, will not happen. According to her, some major market participants like Sberbank, VTB, and Alfa-Bank will provide their clients the ability to make transactions with digital rubles in July, but the mass implementation will occur later.
"We continue to receive questions about the required scale of adjustments and requests to shift the timelines for the wide implementation of the digital ruble. We take them very seriously because our task is for the digital ruble to be in demand and to build trust among citizens and businesses," Nabiullina said.
The new timeline for the mass implementation of the digital ruble will be announced after pilot project participants and regulators "work out all the details" and consult with bankers about the economic model that will be most attractive to their clients and businesses.
Earlier, the Bank of Russia and the Federal Treasury reported that they would conduct an experiment using digital rubles in the budget process in the second half of 2025.
