Central Bank of Russia Delays Digital Ruble Rollout Indefinitely

Russia's central bank has put the nationwide rollout of its digital ruble on hold, opting to extend the pilot phase indefinitely.

Initially launched in August 2023, the testing phase involved 12 banks and hundreds of participants evaluating wallet functions, transfers, and automated payments.

Businesses also explored transaction capabilities, with a broader rollout originally scheduled for mid-2025.

Authorities have now decided to prolong testing to fine-tune technical aspects and assess economic models before committing to a full launch.

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Bank of Russia Governor Elvira Nabiullina emphasized that the delay allows financial institutions to develop approaches that best serve their clients. She stated that mass adoption will proceed only once all details are addressed, though no revised timeline has been provided.

Despite the postponement, Nabiullina remains optimistic about the digital ruble’s future, previously suggesting it could become a standard payment tool by 2031.

The currency is expected to offer free transfers for individuals and reduced transaction costs for businesses, potentially driving widespread use. Meanwhile, Russia continues to advance its digital asset regulations, recently implementing laws governing taxation and mining to further integrate cryptocurrencies into its financial system.

Alexander Zdravkov