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The Central Bank of Russia (CBR) has announced that it will postpone the launch of the digital ruble, citing the need for further consultation with banks and merchants.
Elvira Nabiullina, governor of the CBR, confirmed the plans last week while speaking at an Association of Russian Banks (ARB) event.
“Our intention is to move on to the mass implementation of the digital ruble a little later than originally planned,” she said, “after we work out all the details in the pilot and consult with banks on the economic model that is most attractive to their clients.”
However, the CBR governor gave no indication of when the launch may take place, noting only that the central bank will provide more details “at a later date”.
Previously, as covered by Vixio, the CBR was aiming for a large-scale launch of the digital ruble to take place this year.
Under the previous timetable, major banks were required to provide clients with access to digital ruble services, including account openings, deposits, transfers and retail payments acceptance, by July 2025.
By the same date, merchants classed as trade and service companies (TSCs) were also mandated to accept digital rubles.
Digital ruble pilot ‘going well’
The CBR has been piloting the digital ruble since August 2023, when commercial banks started to take part in the first tests of real transactions.
The opening stage of the pilot aimed at testing a range of digital ruble functions, including account opening, person-to-person transfers, automatic bill payments and QR code-based payments for goods and services.
Thirteen banks took part in the first stage, alongside 30 merchants with points of sale across 11 cities.
There are now 15 banks and 700 individuals taking part in the pilot, though the number of merchants remains the same.
However, according to the CBR website, an additional 25 banks have signed an agreement to implement digital ruble functionality and join the pilot.
“The pilot is going well,” Nabiullina told the ARB. “We continue to receive questions...about the scope of necessary improvements and requests to shift the timing of the widespread introduction of the digital ruble.
“We are very attentive to them, because our task is to ensure that the digital ruble is in demand; that it inspires confidence among citizens and businesses.”
Moscow Metro tests begin
In addition to the pilot, other closed tests of the digital ruble are also taking place.
On Monday (March 3), the Department of Transport and Development of Road Transport Infrastructure of the City of Moscow announced that it has launched a digital ruble test on the Moscow Metro.
The Moscow Metro will be partnering with the CBR and VTB Bank to test the use of the Troika card when loaded with digital rubles.
Top-ups can be made at metro station kiosks using a universal QR code, which connects the customer to the digital ruble payment system via their bank’s mobile app.
The tests will assess the speed of transactions and the efficiency of the digital ruble network.
Maxim Liksutov, deputy mayor of Moscow, said he hopes that the digital ruble will soon be made available to all metro passengers.
