The Bank of Russia is contemplating 2025 to be the year when the digital ruble, the local central bank digital currency (CBDC), may see widespread adoption in the country. This move indicates the central bank’s strategic approach to modernizing the payment landscape in the nation.
Olga Skorobogatova, the first deputy governor of the Bank of Russia, emphasized that the digital ruble is viewed as an additional payment method alongside existing options like the Faster Payments System, Mir payment cards, QR code/NFC payments, biometrics-based payments, and cash.
Russia’s Ruble Will Coexist With Physical Cash
The introduction of Russia’s digital ruble raises questions about the potential for citizens to receive state payments exclusively through the central bank digital currency (CBDC). That would be similar to the Mir payment system, implemented in 2014 as a state-controlled card payment system to mitigate concerns about potential US and European sanctions.
The Bank of Russia has sta
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