Russian Finance Ministry: Digital ruble to be available to all in 2024

In 2024, all Russians will be able to open a wallet to pay with digital rubles. This was stated by the Russian Finance Minister Anton Siluanov, writes TASS.

“This technology is evolving and will continue to evolve. Next year, I am confident that we will all be able to open a digital wallet and pay in the new currency,” he said.

According to the minister, there are already agreements with the Bank of Russia on the use of the instrument in the budgetary system.

On 7 December the State Duma of the Russian Federation passed a law, providing for the integration of the digital ruble into the tax regulation and control system. From 2025 the asset can be seized if there is a shortage or absence of other funds in the citizen’s account.

Earlier estimates put potential losses to banks from the digital ruble at ₽95 млрд. Its introduction will deprive commercial organisations of commission income from processing card payments, but in the long run the impact on profitability will be modest.

In October it became known that foreign banks will gain access to the digital ruble in 2025.