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Russia expands digital ruble pilot with new features for 2025 rollout

GrafaGrafa2024/09/09 02:35
By:Isaac Francis

Russia's central bank is expanding its digital ruble pilot program to include 9,000 individuals and 1,200 companies, as part of its ongoing development of a central bank digital currency (CBDC).

The Bank of Russia recently announced that new features, such as payments and transfers via QR code, will be tested in the pilot.

The full-scale rollout of the digital ruble is expected by the second half of 2025.

The expanded pilot will introduce additional functionalities beyond the current capabilities of opening, closing, and replenishing digital ruble accounts, transferring funds between citizens, and making simple auto payments.

The Bank of Russia confirmed that participants will now be able to use dynamic QR codes for payments and facilitate transfers between companies, enhancing the digital ruble's utility.

Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, expressed optimism about the project's progress, noting that demand for the digital ruble is increasing, especially in light of ongoing economic sanctions against Russia.

He emphasised that the limited number of participants in the early phase is intentional to ensure the system's infrastructure can be tested and refined.

As the pilot expands, more individuals and companies are expected to join.

Aksakov also highlighted that the number of participants in the pilot program is set to grow significantly next year, further scaling the project's reach.

"From the second half or closer to the end of 2025, if no incidents occur, the digital ruble will become truly widespread and everyone who wants to will be able to use it," he stated, reflecting confidence in the digital ruble's potential integration into everyday life.

The expansion of the digital ruble pilot comes as Russia aims to modernise its financial system amid international sanctions.

The Bank of Russia and other officials are optimistic that the new digital currency will be successfully integrated into the economy, providing an alternative means of conducting transactions in the country.

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