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Bank of Russia to Pilot Digital Ruble Settlements in 2023

Russia’s monetary authority intends to conduct the first settlements with the digital ruble next year, its governor announced this week. Speaking to Russian lawmakers, the official highlighted the important role the new currency is going to play for Russia under sanctions.

We quickly created a prototype of the digital ruble, now we are already testing with banks. Next year, we will pilot settlements in the real economy.

The digital ruble, Nabiullina insisted, will create new opportunities for Russia, its citizens, and businesses. It will be used by the government for targeted payments to support certain sectors of the economy and the social sphere. Transfers between individuals will be free of charge, while payments for goods and services may be subject to a small commission of 0.4 – 0.7%.

Do you think Russia will speed up the implementation of the digital ruble? Share your expectations in the comments section below.

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