According to CryptoPotato, the Bank of Russia is considering 2025 as the year for widespread adoption of the digital ruble, the country's central bank digital currency (CBDC). This move reflects the central bank's strategic approach to modernizing the nation's payment landscape.
Olga Skorobogatova, the first deputy governor of the Bank of Russia, emphasized that the digital ruble is seen 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. The digital ruble is intended to coexist with physical cash, not replace it.
The Bank of Russia aims to establish agreements with China, India, and the UAE to connect their payment systems, enabling Russians to use the digital ruble for overseas transactions. The bank initiated CBDC trials in 11 cities across Russia approximately a month ago. However, Russian officials have acknowledged that CBDC trials can only be conducted with technologically capable and friendly nations.