Russia advances digital ruble release, mandating acceptance of central bank digital currency

Digital Ruble Pilot Yet to Begin Second Wave Onboarding

The digital ruble, Russia's state-issued digital currency, is scheduled for a mass rollout in July 2025. However, as of the current date, the second wave of onboarding for banks has not yet started.

The digital ruble, known as Central Bank Digital Currency (CBDC), was successfully piloted with 13 banks in 2023. The second wave, expected to involve smaller, regional, and specialised banks, was announced but has not yet commenced.

Although the number of banks in Russia is high (over 300), not all will participate immediately. The second wave is anticipated to include banks that have qualified and meet the necessary technical requirements.

As of January 2024, an official list of the banks participating in the second wave has not been published by the Russian Central Bank. The identities of the participating institutions remain unclear, although they may be communicated once the onboarding process is complete.

The Central Bank of Russia aims to conclude the onboarding of the second wave by the end of 2024 to prepare for the mass operation of the digital ruble. According to media reports, the goal is to establish a sufficiently broad network of banks to make the digital ruble usable in everyday transactions by the end of 2024.

It is important to note that the situation may change at any time due to political and regulatory developments or technical delays. For the latest information, it is recommended to check the official website of the Russian Central Bank or Russian economic media.

In September 2023, the central bank relaxed restrictions for the digital ruble pilot, increasing the participant limit from 600 to 9,000 and the number of merchants from 22 to 1,200. This indicates that the digital ruble pilot is currently in a phase of onboarding more banks and increasing its reach.

Russia's largest bank, Sber, was among the second group of banks intended for the digital ruble pilot, but it is not yet part of the pilot. This suggests that the digital ruble pilot has not yet reached its final participant and merchant limits.

Elvira Nabiullina, the Governor of the Bank of Russia, has confirmed that a mass rollout of the CBDC is scheduled for July 2025. The largest banks in Russia will be obligated to support the digital ruble by this date. However, as of the current date, the digital ruble pilot has not yet onboarded all the banks from the second wave.

Stay tuned for updates on the digital ruble pilot and its progress towards the mass rollout in July 2025. For the latest information, visit the official website of the Bank of Russia or Russian economic media.

Russia advances digital ruble release, mandating acceptance of central bank digital currency