Following pilot testing of the digital ruble, the Bank of Russia has identified significant potential for its use in foreign trade operations and wholesale settlements, according to Central Bank Governor Elvira Nabiullina.
“Based on the results of the pilot, we now see much greater potential demand for the new form of the ruble not so much in retail payments, but rather in smart contracts and at the wholesale level. And, of course, we will focus on this aspect in cross-border applications,” Nabiullina said.
While the digital ruble may become a critical element of Russia’s financial infrastructure, its rollout remains cautious, says Igor Rastorguev, lead analyst at AMarkets. According to recent data, the Central Bank is continuing to refine the operational mechanisms of the digital currency, with the country’s largest banks joining the system only at the end of 2024. The full-scale rollout has once again been postponed, with a new launch date yet to be announced. Originally, widespread adoption was expected by July 1, 2025, but the timeline has been adjusted to allow for further technical development.
The core concept behind the digital ruble is to enable faster, safer, and more transparent transactions between individuals, businesses, and the state. Over time, it is expected to function alongside both cash and non-cash payments. A notable feature of the digital ruble is its ability to process offline transactions—an important capability for remote and underserved regions. The currency is also set to be integrated with Russia’s tax and budgetary systems, streamlining government payments and reducing transaction costs, the expert notes.
“In practical terms, this may mean that recipients of social benefits or subsidies will receive funds directly in digital form, with spending limited to approved purposes. Additionally, the digital ruble could be used in public procurement and contracting, offering greater control over the targeted use of public funds,” Rastorguev explained.