Duma Committee Endorses Gradual Introduction of Digital Ruble

The draft law for the phased introduction of the digital ruble into broad circulation has received approval from the Russian State Duma’s Financial Market Committee, according to Izvestia.

The lower house will review the bill in a session on May 20.

According to the publication, the regulator and institutions involved in the pilot are technologically prepared for wider use of the CBDC from the middle of this year. The Central Bank plans to further discuss smart contracts with market participants, which are attracting increasing interest from banks, businesses, and the government.

“The mass introduction of the digital ruble will occur after the details are worked out and consultations are held on the economic model that is most attractive to the clients of institutions,” explained the Central Bank.

The pilot project is expected to expand in terms of participants and the range of operations.

In February, ForkLog, citing media sources, reported on the postponement of the planned July 1 mass launch of the digital ruble. Among the reasons were the “not fully defined” legal framework of the project and the CBDC platform still being under development.

The law on Russia’s national digital currency came into force on August 1, 2023. In the same month, the Central Bank launched a testing program with a limited number of banks. The initiative was later expanded.

At the end of 2024, the Bank of Russia, the Ministry of Finance, and the Treasury conducted tests of specific operations with the digital ruble within the budgetary process.

Experts have concluded that the costs of implementing the CBDC may prove prohibitive for small financial institutions.