The Bank of Russia will expand the pilot project of the digital ruble to tens of thousands of people.
The Bank of Russia announced preparations to expand the pilot project of the digital ruble. By the end of this year, testing of the digital form of the national currency will cover up to several tens of thousands of people, Central Bank Governor Elvira Nabiullina said at a plenary session of the State Duma.
“We are preparing for a large-scale development of the experiment on the digital ruble. We plan that by the end of this year it will cover up to several tens of thousands of people, and then it will expand further,” Nabiullina said.
The concept of the digital ruble was introduced four years ago, in April 2021. Having started testing with a group of 12 banks, by the spring of 2024, the Central Bank expanded the pilot project to several thousand people and dozens of legal entities. At the end of last year, the Central Bank and the Ministry of Finance also conducted the first tests of the digital ruble in the budget process.
Previously, the Bank of Russia planned to launch the widespread use of the digital ruble from July 1, 2025. By this time, the 13 largest banks in Russia (systemically important credit organizations, NWCS) had to provide their clients with a ready-made infrastructure for operations with this form of currency.
However, at the end of February, the Central Bank postponed the mass introduction of the digital ruble. Nabiullina said at the time that the regulator had decided not to rush and would continue to expand the experiment, as it required adaptation from users and banks.
It is necessary for people to get used to the fact that this is the third form of money — absolutely voluntary, but for now there is still distrust in society and there are many myths about the digital ruble, Nabiullina noted. Also, the continuation of the pilot will provide an opportunity to develop services with a digital ruble, taking into account the economic models of banks.
According to experts, the minimum cost of a Russian bank for the introduction of a digital ruble can range from 120 million rubles to more than 200 million rubles. Such investments are unaffordable for small banks, but the entry threshold can be lowered when universal IT solutions appear on the market, industry participants believe.
The Central Bank has not yet announced the end date of the pilot project, as well as new deadlines for the widespread introduction of the digital ruble.
