Putin Unveils New Digital Currency Strategy
President Vladimir Putin has stated that the digital ruble should be completely integrated into the Russian economy. For more details, visit RT.com.
TroibNews 
The digital ruble's pilot launch has been deemed successful, Russian President Vladimir Putin announced on Wednesday.
During a government meeting focused on economic issues, Putin confirmed the pilot phase for the electronic currency has been effective and is now ready for broader application.
“The pilot launch of the digital ruble platform has shown its efficiency and functionality. And now we need to take the next step, namely to move toward a wider, full-scale implementation of the digital ruble in the economy, in business activities and in the field of finance,” he stated, adding that discussions with regulators to expedite this process are in the plans.
The Bank of Russia introduced the concept of a national digital currency in late 2020, with the digital ruble becoming operational on August 1 last year. Unlike virtual currencies like Bitcoin, the digital ruble is an electronic version of the Russian national currency, issued by the Central Bank and backed by traditional money. The digital ruble aims to facilitate monetary transfers and payments domestically and internationally without the constraints of bank fees and limits.
“Essentially, this is just another form of our national currency. The special thing about it is that citizens and businesses can use the digital ruble regardless of which bank they have an account with,” Putin explained.
Putin disclosed that the trial phase included participation from 12 banks, 600 individuals, and 22 trade and service enterprises from 11 Russian cities. By July 1, over 27,000 transfers and more than 7,000 payments for goods and services had been conducted using the digital ruble.
According to the Bank of Russia, 21 additional lenders are preparing to join the project, potentially as early as September this year. The regulator has also begun testing digital ruble settlements with several of Russia’s international partners, as indicated by first deputy chairman Olga Skorobogatova.
Central bank governor Elvira Nabiullina mentioned in April that it might take 5-7 years for the digital ruble to be fully adopted for mass use.
“This will be a natural process because the choice of the people and businesses is fundamental: it should be convenient for them,” she told RIA Novosti news agency.
James del Carmen contributed to this report for TROIB News
During a government meeting focused on economic issues, Putin confirmed the pilot phase for the electronic currency has been effective and is now ready for broader application.
“The pilot launch of the digital ruble platform has shown its efficiency and functionality. And now we need to take the next step, namely to move toward a wider, full-scale implementation of the digital ruble in the economy, in business activities and in the field of finance,” he stated, adding that discussions with regulators to expedite this process are in the plans.
The Bank of Russia introduced the concept of a national digital currency in late 2020, with the digital ruble becoming operational on August 1 last year. Unlike virtual currencies like Bitcoin, the digital ruble is an electronic version of the Russian national currency, issued by the Central Bank and backed by traditional money. The digital ruble aims to facilitate monetary transfers and payments domestically and internationally without the constraints of bank fees and limits.
“Essentially, this is just another form of our national currency. The special thing about it is that citizens and businesses can use the digital ruble regardless of which bank they have an account with,” Putin explained.
Putin disclosed that the trial phase included participation from 12 banks, 600 individuals, and 22 trade and service enterprises from 11 Russian cities. By July 1, over 27,000 transfers and more than 7,000 payments for goods and services had been conducted using the digital ruble.
According to the Bank of Russia, 21 additional lenders are preparing to join the project, potentially as early as September this year. The regulator has also begun testing digital ruble settlements with several of Russia’s international partners, as indicated by first deputy chairman Olga Skorobogatova.
Central bank governor Elvira Nabiullina mentioned in April that it might take 5-7 years for the digital ruble to be fully adopted for mass use.
“This will be a natural process because the choice of the people and businesses is fundamental: it should be convenient for them,” she told RIA Novosti news agency.
James del Carmen contributed to this report for TROIB News
