In recent years, the world has been experiencing a large-scale transition to digital forms of money. The global trend away from cash is gradually transforming the financial systems of countries and changing not just everyday transactions, but also the behavior of investors, the scale of their decisions and the structure of investment portfolios. Russia, following this trend, is actively introducing the digital ruble, which is already beginning to affect the country’s economy and financial markets.
The disappearance of cash and the emergence of the digital currencies of central banks (CBDC) forms a new financial reality in the world and this affects the Russian economy and investor behavior in general.
1. Global trends in money digitalization and their reflection in Russia
According to the international consulting firm McKinsey, in 2025 about 70% of all payments in the world will be made in non-cash digital form, due to the convenience and security of digital tools. In Russia, these indicators are already approaching 90%, according to Sberbank statistics and research by the Ministry of Finance.
Rosstat published data that in 2024 the share of cash payments decreased from 42% to 25% of the total volume of payments in just three years, while the number of non-cash transactions increased by 30%.
The introduction of the digital ruble is designed to support and accelerate this transition. According to the Central Bank of the Russian Federation, the cost of the economy by optimizing payments and reducing the cost of money circulation can grow by 0.1-0.2% of GDP annually, which for Russia is equivalent to tens of billions of rubles.
2. Analytics of the introduction of the digital ruble and the consequences for the financial market
The pilot project of the digital ruble starts in October 2025, the first stage is underway. At this stage, the digital currency will be used by the state to fulfill part of federal spending and social benefits. The list of directions for which payments in digital rubles will begin is determined jointly by the government and the Bank of Russia. Particular attention is paid to social benefits. Participation in the pilot project is voluntary. Citizens will be able to choose in what form to receive benefits and pensions – cash, non-cash or digital.
The second stage is from January 1, 2026, where the digital ruble will be used for all operations of the federal budget. Then such a mechanism will be transferred to regional and local budgets, as well as the budgets of state extra-budgetary funds.
According to representatives of the Central Bank, the digital ruble will be integrated with the existing banking infrastructure, ensuring security and anonymity within the framework of the law.
Дом.РФ in its study of the property securities market notes that the digital ruble will tokenize assets, increasing liquidity and expanding access to investments for a wide audience. Analysts predict the growth of the tokenized real estate market and bonds to 2 trillion rubles by 2030.
In addition, the new digital form of money will improve the possibilities for instant international transfers, which now remains a problem for Russian investors due to sanctions and currency control.
3. Changes in investor behavior and strategy
The main trends to be noted:
- Availability and speed of operations. Switching to digital currencies reduces transaction costs and transaction time. According to a Sberbank survey, more than 70% of respondents plan to increase investment due to simplified access to digital financial products.
- Growth of digital assets in portfolios. Дом.РФ analytics show that already 35% of Russian investors include digital and mortgage bonds in their portfolio, and by 2027 this figure could grow to 60%. This is directly related to the development of the digital ruble and infrastructure to support such products.
- Increased control and transparency. The Ministry of Finance predicts that thanks to digital currencies, tax revenues will grow by 5-7% due to a decrease in shadow turnover and more accurate monitoring of income. For investors, this means increased reporting responsibility and a high level of transparency of transactions.
- Risk management and safety. According to a study by Rosfinmonitoring, more than 40% of investors are worried about possible cyber risks in the digital economy. In response, regulators are stepping up measures to strengthen the protection of financial data and developing national cybersecurity standards.
In general, it can be noted that the digitalization of finance carries a huge potential for the growth and development of the investment market in Russia: this is the creation of new digital products and markets; increasing financial access to investments for the general population even in remote regions, as well as the possibility of integration with international financial systems in new formats. But new challenges are emerging, such as increased cyber threat and technological risks, the need to adapt legislation and the tax base for new digital assets, as well as generally increasing the financial literacy of the population.
The disappearance of cash and the introduction of the digital ruble are not just technological innovations, but a fundamental shift in the financial ecosystem of Russia. Investors who quickly adapt to new conditions will be able to use an expanded range of opportunities, increase the diversification and efficiency of their portfolio.
At the same time, the transition to the digital age requires a conscious approach to risks and constant updating of knowledge. The task of financial advisers is to help investors navigate a dynamically changing world by providing support and expert advice. Moreover, for the Russian investor, the era is coming when digital money will become a tool not only for payments, but also for strategic capital management, financial security and long-term growth.
By Olga Romanchenko, Associate Professor, Department of Sustainable Development Finance, Plekhanov Russian University of Economics, Ph.D. (Tech. Sc.)