Elvira Nabiullina, the Governor of the Bank of Russia, has confirmed that the digital rouble, the nation’s central bank digital currency (CBDC), remains on track for its mass rollout in July 2025. This announcement follows adjustments to the digital rouble’s pilot programme and new obligations for banks and merchants regarding CBDC adoption. Earlier reports indicated that a second wave of banks had begun onboarding to the digital rouble pilot in January 2024. However, it has since been revealed that this onboarding has yet to occur. Notably, Sberbank, Russia’s largest bank and part of the second group, is also not yet involved in the pilot programme.
In September, the Bank of Russia relaxed some restrictions within the pilot, increasing the participant limit from 600 to 9,000 and the number of merchants from 22 to 1,200. The second wave, consisting of 20 banks, is still in the process of onboarding, signalling a measured approach to the rollout. By July 2025, the largest banks in Russia will be legally required to support the digital rouble, including opening and topping up digital rouble accounts, facilitating transfers, and accepting the digital currency. Smaller banks will be given an additional year to comply, with non-bank credit institutions having until July 2027 to fully support the CBDC. Nabiullina acknowledged that the costs associated with supporting the CBDC would be significant for smaller banks. To ease this transition, the central bank is providing code for digital wallets that banks can integrate into their mobile applications.
Merchants will also be required to accept the digital rouble. Businesses with a turnover of 30 million roubles (around $320,000) or more must comply from the launch date. Those with turnovers exceeding 20 million roubles will have an extra year, and other businesses will have up to two years to adjust. The central bank anticipates that merchant adoption will not pose major challenges, as it plans to introduce a universal QR code, a move facilitated by a draft law currently in preparation. This QR code will be based on those used by Russia’s faster payment system (SBP) and has already been piloted by 22 banks.
Last week, the central bank submitted its monetary policy proposals for 2025-2027 to the State Duma, stating that the digital rouble would not significantly impact the monetary policy transmission mechanism (MPTM). It added that it possesses the necessary tools to address any secondary effects of the CBDC’s introduction if they arise. While there will be no holding limits for the digital rouble, the central bank remains mindful of potential secondary effects, such as a large-scale shift of funds from banks to the CBDC.
A recent survey by alternative lending service Moneyman, however, highlights a need for public education about the digital rouble. According to the survey, a third of respondents mistakenly believed the digital rouble to be a cryptocurrency akin to Bitcoin. Furthermore, 63% of those surveyed either had no knowledge of the digital rouble (39.7%) or found it difficult to describe (23.1%). Only one in five had a rough idea of what a CBDC involves, with just 16.4% possessing a more detailed understanding. The findings indicate that while the infrastructure for the digital rouble is being developed, efforts to inform and educate the public about this significant change in the country’s financial landscape are still necessary.
