Russia’s central bank has confirmed that the digital ruble will officially launch on September 1, sticking to the schedule announced last year. Central Bank Governor Elvira Nabiullina said banks are ready for the rollout and described the new digital currency as an addition to the current ruble. The launch comes as Russia keeps building its digital payments system despite international sanctions, while the U.S. is working to limit a digital dollar.
Source: themoscowtimes
Nabiullina told Russian state media that the country’s banks are fully ready for the digital ruble launch. She said the central bank hopes the new payment method will be useful for both consumers and businesses, with more features added over time.
Work on the digital ruble started in 2021. At first, the CBDC will be offered through banks and other financial institutions before it spreads more widely. First Deputy Governor Vladimir Chistyukhin said the legal rules for the digital currency will start on September 1, with a transition period lasting until July 2027.
Russia’s CBDC project has drawn international attention due to sanctions over the country’s invasion of Ukraine. Earlier this year, the European Union added the digital ruble to its latest sanctions, saying it could be used to get around financial restrictions.
Some analysts are still unsure about Russia’s overall digital asset plans. Jack Jarmon, a former USAID adviser, has said that using Bitcoin or similar cryptocurrencies to avoid sanctions would be hard because Russia has old power systems, limited chip production, and little access to foreign technology.
The global debate over central bank digital currencies is growing.
LATEST: 🇷🇺 Bank of Russia Governor Elvira Nabiullina says the country is ready for a Sept. 1 digital ruble rollout, following the timeline set last year. pic.twitter.com/DCgIEVLDuB
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