Russia begins mass rollout of the digital ruble
From today Russians can pay with the Bank of Russia’s digital ruble via major banks’ apps; conversion, limits and the voluntary nature of use are defined.
After several years of testing, Russia has started a mass rollout of the digital ruble. From today, Russians can use digital rubles for purchases through the apps of the country’s largest banks.
The digital ruble is not a cryptocurrency. It is issued by the Bank of Russia and its value is tightly linked to the ordinary ruble. The main difference is where the money is held: funds in regular accounts remain with commercial banks, while the digital ruble sits in a wallet on the Bank of Russia’s platform. Citizens access that wallet via their banks’ mobile applications.
Each person may hold only one digital wallet, but can reach it through apps from several banks. All 12 systemically important Russian banks, which together cover more than 80 percent of the payments market, are prepared to offer the new system to their customers.
Rollout plan, limits and costs
Other banks will be gradually included until 2028. Citizens can convert up to 300,000 rubles per month from their bank accounts into the digital wallet; after that conversion limit there are no restrictions on spending or transferring those funds. All transactions are free for citizens. No interest is paid on digital rubles.
The Bank of Russia stressed that use of the digital ruble is on a voluntary basis.
Photo: press material from the event
