Bank of Russia Chief Projects Gradual Adoption of Digital Ruble, Full Scaling Expected Post-2025

According to Bank of Russia Governor Elvira Nabiullina, the scaling of Russia's digital ruble is not anticipated to occur before 2025, with a transition to mass usage expected to span five to seven years, as reported by The Moscow Times.

Nabiullina emphasized that the timeline for scaling would be determined based on the outcomes of the ongoing pilot project. She stated that regardless of the project's results, significant scaling would not take place before 2025.

"We plan to expand the pilot project on the digital ruble, and based on its results, we will determine the timelines for serious scaling of the digital ruble. However, in our view, this will not happen before 2025."
- Elvira Nabiullina

Furthermore, Nabiullina mentioned that the widespread implementation of the digital ruble would be a gradual process lasting five to seven years. She highlighted the importance of ensuring convenience for both individuals and businesses in the adoption process.

The Bank of Russia views the digital ruble as an additional payment method alongside existing options such as the Faster Payments System and the Mir payment cards. It clarified that the digital currency would coexist with cash rubles and is not intended to replace physical currency.

Meanwhile, China, considered a benchmark for economic digitization, has already initiated payments to civil servants in Changshu state using digital yuan, aiming to encourage the use of the state-controlled currency.