The draft law concerning the issuance and use of a digital ruble has been submitted to the State Duma for consideration, according to reports from TASS. The proposal outlines a new form of money that blends features of traditional cash with modern digital capabilities, aiming to broaden how money moves through the economy and who can access it. The authors of the bill emphasize that this shift would modernize financial interactions across citizens, businesses, and government agencies alike.
Leading the group of lawmakers presenting the measure is Anatoly Aksakov, who chairs the State Duma committee on the financial market. His team argues that the digital ruble could serve as a secure, state-backed instrument that complements existing payment methods rather than replaces them, providing a seamless bridge between physical currency and digital payments. The bill envisions a framework where digital ruble transactions maintain the same legal status as other forms of money within the country’s monetary system, ensuring reliability and broad acceptance.
Previously, the Duma explored a digital ruble project as a new type of money that combines the stability of cash with the efficiencies of noncash transfers. This earlier concept set the groundwork for a more concrete legislative proposal, outlining potential user benefits, regulatory oversight, and technical standards that would govern digital ruble operations. The current draft builds on those concepts, adding details intended to guide implementation, governance, and public trust.
During the year 2022, the central bank conducted a series of test payments using digital rubles. These demonstrations included transfers between individuals via mobile applications, the use of digital wallets for daily purchases, and other hands-on experiences designed to validate the functionality and user experience of the digital currency in real-world settings. The tests were positioned as practical experiments to assess reliability, security, and the potential for widespread adoption among ordinary consumers and businesses alike.
The push to accelerate digital ruble testing in 2022 was driven by external pressures such as sanctions and the need to preserve financial sovereignty. In response to these conditions, the central bank moved ahead with pilot activities starting in late April of that year, seeking to determine how quickly and smoothly a digital currency could be integrated into the existing payment landscape without disrupting financial stability or consumer protection.
According to the central bank leadership, including public statements from the governor, the roadmap for the digital ruble envisions beginning formal testing with real customers as soon as the spring of the following year. This period marks an important transition from isolated experiments to broader, real-world use. Officials have also indicated that the regulator is engaging with a group of financial institutions to explore the practicalities of digital ruble operations, with a select set of banks participating in early trials to provide insight into system performance, customer experience, and potential regulatory safeguards.
Experts note that the digital ruble is intended to function as an additional tool within the monetary system rather than a replacement for existing money forms. Its design seeks to support faster transaction settlement, reduced cash handling costs for businesses and households, and enhanced resilience in the payments infrastructure. Proponents argue that a well-implemented digital ruble could streamline government services, enable more efficient tax collection processes, and offer new channels for monetary policy transmission, all while maintaining strong consumer protections and privacy standards.
Analysts also emphasize the importance of clear governance and robust cyber security measures for any national digital currency project. They point to the need for transparent rules on access, liquidity management, and interoperability with private sector payment systems. The anticipated legislation is expected to spell out roles for the central bank and other regulatory bodies, while establishing mechanisms for oversight, dispute resolution, and consumer redress.
Critics of digital currency initiatives often seek assurances that privacy rights will be safeguarded and that the technology will not disrupt existing financial inclusion efforts. Supporters counter that when designed properly, a digital ruble can expand access to financial services, reduce transaction costs, and improve the efficiency of public payments. The debate continues as the bill advances through the legislative process, with citizens, businesses, and financial institutions watching closely for details on how the new form of money would operate in practice and what safeguards would be in place to prevent misuse or systems failures.