Central Bank outlines timelines for broad rollout of the digital ruble

Russian citizens will have the opportunity to use the national digital currency in 2025–2027, said Olga Skorobogatova, the Central Bank’s first deputy chair, in an interview with Forbes.

According to her, the timetable for the broad rollout depends on the banks connected to the platform. In the next two years, the project will be in ‘pilot mode with a very limited number of customers and operations.’

Skorobogatova does not see a need for an accelerated launch of CBDC, preferring a safe and well-run system.

At the same time, the Central Bank does not expect a ‘dramatic outflow’ of liquidity from banks into the digital ruble. In particular, thanks to the provided wallet top-up limit of 300,000 rubles per month.

As part of the pilot, the regulator will initially roll out the most in-demand operations — wallet creation, transfers, payments and cross-border settlements. The latter issue was discussed with friendly countries and regulators that are launching national digital currencies.

There are no ready-made offline solutions announced for making payments with the digital ruble, so Russia ‘needs to develop its own’ solutions, Skorobogatova added.

“This is an operational division that will not only process and monitor the execution of operations, but also resolve disputes and claims regarding transactions on the digital ruble platform. The Bank of Russia’s website will provide contacts through which we will accept all requests”, Skorobogatova said.

According to her, questions about operations with the digital ruble are the responsibility of the Central Bank. Questions relating to transfers from cashless rubles to digital rubles will be resolved by banks.

Earlier, the revised bill on the digital ruble went to ministries and market participants for final approval ahead of the second reading.

In the new version, the Bank of Russia removed responsibility for the safekeeping of the national digital currency, and banks were required to prevent fraudulent encroachments on it.

Earlier, in the second reading, the State Duma of the Russian Federation adopted the bill on dealing with transactions with the digital ruble. In particular, it regulates the process for entering into and terminating a contract for the use of CBDC, and introduces rules on the inheritance of electronic money.