From 2025, citizens and businesses will be able to actively use the digital ruble. Natalya Demidova, a specialist in the Central Federal District Payments and Payments Department of the Main Directorate of the Central Bank of Russia, told socialbites.ca about this and commented on the start of a pilot test of operations with real digital rubles.
“A limited circle of 13 banks and their customers – individuals and legal entities will participate in the test. The digital ruble will be stored in the digital wallets of citizens and companies. Wallets will also be opened on the platform of the Central Bank of Russia. Transactions made with digital rubles will also take place on this platform.”
According to him, access to digital wallets will be through the usual remote channels: mobile banking applications and online banking.
“We expect citizens and businesses to be able to actively use the national digital currency from 2025,” the expert said.
Demidova noted that in the first phase of the pilot implementation, basic operations will be carried out: opening and replenishing digital wallets, digital ruble transfers between citizens, simple automatic payments and payment for purchases and services using a QR code. The expert added that pilot participants will be able to pay in digital rubles at 30 sales points in 11 Russian cities.
According to Demidova, one of the advantages of the digital ruble is that it is independent of banks’ tariff policy and digital ruble transfers will be free for people.
“It is worth noting that citizens will not be obliged to open a digital wallet and use digital rubles. You can independently choose which ruble format to use – cash, non-cash or digital. Emphasizing that the choice is entirely up to the individual, the expert said:
The Central Bank of the Russian Federation plans to introduce the digital ruble into mass circulation, based on the results of phased tests and upon successful completion of the piloting of all scenarios for operations with the digital ruble. Central Bank Governor Elvira Nabiullina acknowledged that the mass introduction of the digital ruble will begin in 2025.
Formerly socialbites.ca saidHow to use digital ruble.