Russian Central Bank Tempers Talk of 2024 Digital Ruble Rollout
The Russian Central Bank is playing down talk of a 2024 rollout for its digital ruble – insisting that the coin will not be ready for nationwide use before 2025.
Per Tass, the bank’s press service said that while it was ready to go ahead with an “expansion” of its existing 13-bank, 11-city CBDC pilot, 2024 digital ruble activities would remain “limited.” A spokesperson told the news agency:
“Currently, a digital ruble pilot is underway with a limited number of participants. […] Next year, the number of participants will expand, but will still be limited.”
The Central Bank discounted the possibility of bringing the rollout forward to next year. The spokesperson added:
“The pilot will continue at least until the end of 2024, and, if necessary, will be extended. Only after the completion of the pilot will the digital ruble be introduced into mass circulation.”
Some 600 Russians are currently trialing the coin in a variety of “real-world” scenarios, including the Moscow Metro system.
The bank’s comments come days after the Russian finance ministry stated that “all Russians” would be able to use the CBDC next year.
Minister Anton Siluanov told attendees at a forum that “in 2024, all Russians will be able to experience making use of digital ruble wallets to make payments.”
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