The digital ruble is set to become a useful financial tool, but its role is likely to remain relatively narrow, potentially accounting for just a few percent of total money circulation in a few years’ time. This was the view expressed by Artem Genkin, Professor and Doctor of Economics, on OTR.
According to Dr. Genkin, there is no reason to fear the new currency as a financial “apocalypse.” Instead, he argued, the public must be offered clear, tangible benefits:
“I think we need to use the carrot here – the stick won’t work.”
Among the key advantages of the new form of money, Artem Genkin noted, are lower commission costs for trading companies and tighter oversight of budget expenditures. At the same time, he warned against the risks associated with programmable, or “colored,” money. If its use is too heavily restricted, he cautioned, it could give rise to intermediaries and a gray market where digital funds are traded at a discount. To prevent this, the architecture of the new payment instrument must be designed to preserve parity between cash, non-cash, and digital ruble forms.
The economist also suggested that widespread adoption of the digital ruble will largely depend on the rollout of offline payment capabilities. In addition, competition for customer deposits may prompt banks to offer more competitive interest rates.
Starting September 1, 2026, major banks and retailers will be required to provide the infrastructure for digital ruble transactions. However, the Bank of Russia has emphasized that for ordinary citizens, the use of the new currency will remain voluntary, and both cash and non-cash payments will continue to be available.