The digital ruble will be used for transactions within Russia starting in 2025, President Vladimir Putin announced at the VTB “Russia Calling!” forum, as reported by TASS.
“As agreed, from next year, digital ruble transactions should be used in the federal budget system, and from July 1, 2025, this capability should be available nationwide,” said the head of state.
Regarding the prospects for international operations with the asset, Putin noted that the necessary infrastructure is being created. It aims to make ruble transactions more convenient for businesses and reduce costs.
The law on Russia’s national digital currency came into effect on August 1, 2023. In the same month, the central bank launched a CBDC testing program with a limited number of banks. In January, the initiative was expanded.
“Within the pilot project, the replenishment of funds and transfers of digital rubles between individuals and legal entities have been worked out. The project already covers over 9,000 citizens and 1,200 companies, and their number continues to grow,” stated the Russian president.
Regarding Bitcoin, Putin remarked that cryptocurrency is a natural result of the development of new payment instruments. No one can prohibit such assets, the Russian leader emphasized.
“Whatever happens with the dollar, these instruments will develop in one way or another, as everyone will strive to reduce costs and increase reliability,” he believes.
As reported, a VTsIOM survey revealed that 59% of Russians are not interested in using CBDC.
Experts have concluded that the costs of implementing the digital ruble may be prohibitive for small financial institutions.
The Ministry of Industry and Trade has proposed delaying the launch of the asset by two years due to risks for retail chains.