Russia’s Central Bank announced Thursday the indefinite postponement of the full-scale launch of the country’s blockchain-based Digital Ruble, citing the need for further consultations and economic model adjustments.
Key Points:
The initial mandate required major banks and businesses to adopt the digital ruble by July 1, 2025, with smaller institutions following in 2026 and 2027.
Central Bank Governor Elvira Nabiullina confirmed the delay, stating that while pilot testing with 15 banks, 30 companies, and 1,700 individuals had been successful, certain “details” remain unresolved.
The regulator aims to develop the most attractive economic model for both banks and customers before proceeding with mass implementation.
The digital ruble is designed as a central bank digital currency (CBDC), functioning alongside cash and electronic payment systems, without accruing interest or being available for lending.
Moscow promotes the digital ruble as a potential tool to facilitate international transactions without relying on Western financial infrastructure like SWIFT, raising concerns about sanctions evasion.
Outlook:
The delay signals Russia’s cautious approach to CBDC deployment, balancing technological advancements with the economic interests of banks and consumers.
Related Topics:
- How Does the Russian Ruble Work?
- What Caused the Russian Ruble Crisis of 1998?
- Has the Russian Ruble Collapsed?
