The chief of Bank of Russia predicts a gradual rollout of the digital ruble, with mass usage projected to occur over five to seven years, with scaling expected no early than 2025.
Russia’s digital ruble is projected to be scaled back after the pilot project no sooner than 2025, and it will take five to seven years for it to become widely used, according to The Moscow Times, which quotes Bank of Russia Governor Elvira Nabiulli. In her remarks, Nabiullina stressed that the results of the current pilot project would determine when to scale.
She emphasized that significant scaling will only occur after the specified timeframe, regardless of the project’s outcomes. According to Elvira Nabiullina:
“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”
The digital ruble will probably take five to seven years to be widely implemented. Nabiullina also noted that this will be a “natural process because the choice of people and businesses is crucial, and it must be convenient for them.”
In addition to its present range of payment options, which includes cash, the nation’s Mir payment cards, QR code/NFC payments, biometric-based payments, and the Faster Payments System, the Bank of Russia views the digital ruble as an addition.
The digital currency would be used “alongside individuals’ and businesses’ cash rubles,” the Bank of Russia informed the public, adding it is not intended to replace cash.
China and Russia’s primary economic digitization benchmark, has started paying civil personnel in Changshu state salary in digital yuan to encourage the use of the state-controlled currency.
