Russian government confirms plans to launch the digital ruble by 2030

The digital ruble, as a third form of money, will be launched in Russia by 2030. This is stated in the “Strategy for the Development of the Financial Market,” developed by the Ministry of Finance and the Bank of Russia.

“One of the key digitisation projects looking ahead to 2030 will be the launch of the digital ruble — the third form of money issued by the Bank of Russia and constituting its obligation,” the document states.

The authors of the strategy emphasised that the introduction of the digital ruble would contribute to the further development of payments infrastructure, increased competition and the spread of new innovative financial instruments, as well as to improved accessibility and lower costs of services for citizens and businesses.

At the same time, the authorities will continue to counter the use of cash substitutes, as these pose high risks to citizens.

Strategy for the Development of the Financial Market by ForkLog on Scribd

In March, Anton Siluanov, the head of the Russian Ministry of Finance, said that green technologies, digitalisation and cryptocurrencies will become the main trends for the development strategy of the Russian financial market by 2030.

The Bank of Russia presented a paper on the issuance of the digital ruble in October 2020. This asset is intended to become the third form of money, alongside cash and cashless payments.

Accessibility and traceability: how the Bank of Russia sees the digital ruble

In late June 2021, the regulator formed the first pilot group of 12 banks for testing of a new financial instrument. It is scheduled to take place in the first quarter of 2022.

In August, the first deputy chairman of the Bank of Russia, Sergei Shvetsov, called Bitcoin a high-risk asset for investments and reminded that the Bank of Russia would not be able to protect holders of cryptocurrencies in the event of losses.

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