Russia Finalizes Preparations for Nationwide CBDC Rollout

Central Bank of Russia Prepared for Digital Ruble Rollout

The Central Bank of Russia has reaffirmed that all is ready for the rollout of the digital ruble, another large central bank digital currency project nearing its launch.

Elvira Nabiullina, Governor of the Central Bank of Russia, stressed that all the main participants were already prepared for the rollout of the digital ruble, which is meant to complement electronic money and cash starting next September.

“Everything is ready for the wide use of the digital ruble. Our systemic banks and major trading business are to be engaged for receiving. Everything is ready in terms of processes; we have conducted a huge preparatory effort for this stage.” Nabiullina affirmed, according to the official Russian news agency TASS.

Nabiullina has been signaling the readiness of the central bank’s platform for the introduction of the digital ruble since March, when she stressed that the project was “on schedule.” “All the basic transfer functionality, payments, it is working and a multi-level protection of the digital ruble platform from cyber threats has been built,” she disclosed at that time.

In addition, Nabiullina commented that the institution is examining the possibility of opening digital ruble wallets on the balance sheets of private banks, expanding the reach and functionality of the central bank digital currency ( CBDC).

“This project is developing. We want the digital ruble to be genuinely in demand by people and businesses, and to be convenient. And, of course, we are constantly in discussions with banks,” she declared.

Finally, Nabiullina also stressed that the bank was studying the introduction of smart contracts in the digital ruble for payments and other use cases. “We see great potential in using smart contracts for business, and we are working on these ideas,” she concluded.