- Russia has announced big plans for the digital ruble.
- Banks, users, and businesses are testing digital currency.
- If everything sails smoothly, the digital ruble could enter โmass productionโ next year.
The Bank of Russia is ready to take the digital ruble from โpilotsโ to mass production in 2025, a state-run news agency reported Tuesday.
The development comes after Russian President Vladimir Putin on July 17 urged for the โfull-scale implementation,โ of the digital currency, citing the proven efficiency and functionality of the digital ruble within the pilotโs framework. Russia launched the pilot program in 2023.
Russiaโs Digital Ruble Mass Roll-Out
Per the report, Russiaโs Central Bank head, Elvira Nabiullina, broke the news while speaking at a Federation Council. Nabiullina said that the digital currency would enter into โmass productionโ in July next year if everything goes as planned and the pilots are completed.
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โWe will be able to move from the "pilot" to the mass introduction of the digital ruble from July 2025. We will target these dates, but it will be a gradual process. A gradual process of using digital rubles,โ Nabiullina said.
In April, Nabiullina noted that the mass roll-out plan for the digital ruble would likely take five to seven years, stressing that it was a โnatural processโ that must be convenient to gain acceptance among businesses and users.
Russiaโs digital currency pilot is currently in the first testing stage, with 12 banks, 600 individuals, and 22 trade and service enterprises from 11 cities enrolled as participants. According to President Putin, as of July 1st, the testing phase had facilitated over 27,000 transfers and over 7,000 payments of goods and services using the digital ruble.
Stay updated on how Russia will tax the digital ruble:
Digital Ruble Lands in Tax System as Russia Ramps Up CBDC
Read why Russiaโs crypto policy could be taking a U-turn:
Why Russiaโs Crypto Policy Could Be Taking a U-Turn
