The Central Bank of Russia will expand the digital ruble pilot to include 9,000 individuals and 1,200 businesses. The BoR aims to roll out the digital ruble to the entire population in the second half of 2025.
The Bank of Russia (BoR) is stepping up the rollout of its digital ruble by expanding its current pilot program. It announced earlier this month that the program will now include 9,000 individuals and 1,200 businesses, a significant increase from its previous size.
The expanded pilot will integrate new features such as money transfers between individuals, payments for goods and services, automated payments, and especially payments via QR codes, as well as money transfers between businesses. This is an important step, allowing to assess the practical application of the digital ruble in everyday and commercial transactions.
Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, said the project is achieving positive results, with demand for the digital ruble growing sharply due to the impact of international sanctions. He believes that the digital ruble will quickly integrate into Russia's economic and social life.
The limited number of participants in the initial phase, Aksakov said, is necessary to ensure that the infrastructure is thoroughly tested before a wider rollout. He predicted that the pilot program would continue to expand next year, with the digital ruble ready for general use in the second half or late 2025.
Impact and potential
Russia's push to develop and deploy a digital ruble makes sense in several ways. First, a CBDC could help increase the efficiency and reduce the costs of the payment system, especially as Russia faces financial sanctions from the West.
Second, a digital ruble could promote transparency and reduce the risk of money laundering and financial fraud. Finally, being a pioneer in the CBDC field could strengthen Russia’s position in the global fintech race.
However, implementing a digital ruble also poses challenges, including ensuring cybersecurity, protecting user privacy, and educating citizens on new technology. BoR will need to address these issues effectively to ensure the project’s success.