The Bank of Russia, the Ministry of Finance, and the Treasury conducted tests of specific operations with the digital ruble within the budgetary process at the end of 2024, as reported by RBC.
Details remain undisclosed, but the Ministry of Finance indicated that the parties are exploring this application of CBDC. However, the ministry emphasized that “conducting any state payments to the population in digital rubles” is not yet planned.
Finance Minister Anton Siluanov had announced agreements with the Bank of Russia on the application of the new payment instrument in the budgetary system back in November 2023. President Vladimir Putin declared the necessity to commence digital transactions in the federal budget system in 2025.
Additionally, the Bank of Russia is discussing various scenarios for using the digital ruble at the level of regional budgets. Anatoly Aksakov, head of the State Duma Committee on Financial Markets, mentioned that a discussion with the government of Chuvashia is scheduled for January 31 regarding a pilot project to implement CBDC in the region’s budgetary process.
The law on Russia’s national digital currency came into effect on August 1, 2023. In the same month, the central bank launched a testing program with a limited number of banks. In January, the initiative was expanded.
Major Russian banks are required to provide clients with access to digital ruble operations, including account opening, funding, and asset transfers, by July 1, 2025.
Experts have concluded that the costs of implementing CBDC may prove prohibitive for smaller financial institutions.
Earlier, the Russian Ministry of Finance announced plans to create a platform for digital ruble transactions.