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Russian Central Bank Targets July 2025 for Widespread Digital Ruble Use
The central bank wants to promote the widespread use of the digital ruble.
- Russia's largest banks must support a digital version of the ruble for customers starting July next year.
- Smaller banks will follow suit over the coming years.
The Bank of Russia wants the country's largest banks to support a digital ruble for retail and commercial use by July next year.
The banks will need to enable their customers to "open and top up digital ruble accounts, make transfers, and accept digital rubles in their infrastructure," the central bank said Thursday. After that, "it is planned to launch the widespread use of the digital national currency. It is important that it is available to citizens and businesses and, if desired, they can freely use it on an equal basis with cash and non-cash funds."
STORY CONTINUES BELOW
The digital ruble is a central-bank issued digital currency, or CBDC. Banks worldwide have been exploring use of CBDCs either for retail or institutional, or wholesale, use. Some nations like the Bahamas and Nigeria have already introduced CBDCs.
Russia has been testing its CBDC with 12 banks. At the beginning of the month, the trials expanded to 9,000 people from 600.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
