The Bank of Russia believes that the digital ruble, the nation’s central bank digital currency (CBDC), will be widely used by 2025. The central bank’s strategic strategy to modernising the country’s payment system is reflected in this action.
First deputy governor of the Bank of Russia Olga Skorobogatova emphasised that the digital ruble is viewed as a complementary payment option to already available ones including cash, the Faster Payments System, Mir payment cards, QR code/NFC payments, and biometrics-based payments. The purpose of the digital ruble is not to replace real money but to exist alongside it.
In order to integrate their payment systems and allow Russians to utilise the digital ruble for international transactions, the Bank of Russia seeks to reach agreements with China, India, and the United Arab Emirates. About a month ago, the bank started CBDC trials in 11 Russian towns. Officials in Russia have admitted that only friendly and technologically advanced countries can participate in CBDC trials.