7 months ago
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Bank of Russia’s chief signals a slow path to digital ruble adoption, as scaling is expected no earlier than 2025, with mass usage transition anticipated over five to seven years.
Scaling of Russia‘s digital ruble following the pilot project is anticipated no earlier than 2025, with the transition to mass usage expected to take five to seven years, The Moscow Times reports, citing Bank of Russia Governor Elvira Nabiullina.
Speaking on the matter, Nabiullina emphasized that the timeline for scaling would hinge on the outcomes of the ongoing pilot project. She underscored that regardless of the project’s results, substantial scaling would not occur before the mentioned timeframe.
“We plan to expand the pilot project on the digital ruble, and based on its results, we will determine the timelines for serious scaling of the digital ruble. However, in our view, this will not happen before 2025.”
Elvira Nabiullina
Nabiullina added that widespread implementation of the digital ruble will likely take five to seven years, noting that it will be a “natural process because the choice of people and businesses is crucial, and it must be convenient for them.”
As crypto.news reported earlier, the Bank of Russia considers the digital version of the ruble as an addition to its current set of payment methods: the Faster Payments System, the country’s Mir payment cards, QR code/NFC payments, biometrics-based payments, and cash. The Bank of Russia reassured citizens that the digital currency will be used “alongside individuals’ and businesses’ cash rubles” and is not meant to replace cash.
However, China — Russia’s main benchmark for economic digitization — has already begun paying civil servants in Changshu state salaries in digital yuan to promote the usage of the state-controlled currency.
