The Bank of Russia plans to expand its digital ruble pilot by September, incorporating dozens of new participants. However, a majority of Russians remain uninterested in using the instrument, according to a survey by VTSIOM.
The regulator has stated that the testing of the CBDC is progressing as planned. Currently, around 20 banks are preparing their systems to connect to the digital ruble platform, as reported by TASS.
Among the advantages of the asset, the central bank cites free transfers for citizens, low tariffs for businesses, simplicity and speed in conducting budget payments, and the implementation of smart contracts.
“The latter will ensure transparency of settlements, as well as the ability to flexibly manage balances in their digital wallets. At this stage, individuals will be able to use auto payments in digital rubles, pre-setting the date, amount, and recipient of the transfer,” stated VTB, which is participating in the testing.
The mass adoption of the national digital currency is scheduled for the second half of 2025.
Nevertheless, the new form of currency does not spark interest among the population—59% of respondents expressed no desire to use it. Meanwhile, 31% are open to experimentation, and 10% remain undecided.
Potential users of the digital ruble are more likely to be men (39% compared to 24% of women), Russians with a good financial standing (40%), and urban residents (38% compared to 24% of rural inhabitants). High interest is also noted among young people aged 18-24 (59%) and active internet users (40%).
Among the drawbacks of the digital ruble, Russians cited the possibility of hacking and increased fraud (10%), government control, and lack of anonymity (5%).
The law on the national digital currency came into effect on August 1, 2023.
That same month, testing of the CBDC for individuals and legal entities in Russia began with the participation of 13 banks. Later, the number of participants expanded to 30.
In December, the State Duma passed a law providing for the integration of the digital ruble into the tax regulation and control system.