Russia Launches Digital Ruble: Widespread Use by 2025

• Russian President Vladimir Putin has reportedly signed a bill into law that will allow for the launch of a digital ruble in Russia.
• Elvira Nabiullina, chair of the Bank of Russia says the use of the digital currency is purely voluntary.
• Olga Skorobogatova, first deputy chairman of the Bank of Russia, says widespread adoption could come as soon as 2025.

Russia’s New CBDC to Launch in 2025

Russian President Vladimir Putin has signed a bill into law allowing for the launch of a central bank digital currency (CBDC), or digital ruble, in Russia by 2025. The use of this digital currency will be voluntary and it will allow citizens and businesses to make payments using digital rubles as well as transfers without any fees for citizens and with a 0.3% fee for businesses.

VBK Chair Comments on Digital Ruble Use

Elvira Nabiullina, chair of the Bank of Russia (VBK), commented that no one will be forced to use this new digital currency but it provides an additional opportunity if people wish to do so. This statement implies that traditional currencies are likely still going to remain widely used even when this new form is available.

Bank Of Russia Responsible For Issuance And Circulation

The Bank Of Russia is responsible for the issuance and circulation of these digital rubles and plans to partner with 13 other banks for its pilot program starting next month. Olga Skorobogatova, first deputy chairman of VBK believes all citizens should have access to wallets and be able to use them by 2027 at latest.

No Date Set For Widespread Adoption Yet

Although there have been statements made regarding when widespread adoption may occur, no exact date has yet been set or confirmed by official sources. As such, it is important not to get too ahead on speculation until more information is released from those directly involved in this project.

Potential Benefits Of A Digital Ruble

A digital ruble could potentially offer many benefits such as faster transactions between parties, lower costs associated with payments including transfers, increased security due to blockchain technology, and more efficient management capabilities through automation enabled by smart contracts among other things. It remains to be seen how successful this venture turns out once it goes live but it certainly could provide some interesting advantages over traditional financial systems if adopted widely enough in the future.