Русский
A total of 22 Russian banks have now signed agreements with the Russian Central Bank and are configuring their systems to participate in national Digital Ruble project, which is scheduled for mass-roll out by July 1st. They join Sberbank, T-Bank, Tochka Bank and twelve others that are already in the program for conducting transactions with Digital Rubles, and according to the Russian Central Bank.
The digital ruble is the third form of Russian national currency that the Central Bank plans to issue alongside the existing forms of money (cash and non-cash). Pilot testing using real digital rubles began in August 2023. The introduction of the digital ruble into widespread circulation is planned to begin on July 1, 2025. By that time, the Central Bank intends to oblige systemically important credit organizations (SICCOs) to provide customers with the opportunity to make transactions in digital rubles. Citizens should be able to open and fill accounts, make transfers, as well as accept digital rubles in the infrastructure of the banks.
Other banks with a universal license will be given more time to finalize their systems – until July 2026, other credit institutions – until July 2027. The Central Bank intends to fine banks that fail to prepare in time.
Russia will be the first country in the world to have a fully operational, nationwide digital currency system. It is expected to revolutionise banking as transactions are instantaneous, do not require third party correspondent banks or financial systems (such as SWIFT) to manage transactions, and will lessen the cost of banking services.
China’s Digital RMB
China is also trialling the Digital RMB Yuan and it is in limited use to the general public. The People’s Bank of China has stated that the goal of launching the Digital RMB is to partially replace cash, but not bank deposits. China has begun settling international transactions, including for energy purchases, using the Digital RMB.
The Digital Euro & Digital Dollar
Debates are continuing over the introduction of the Digital Euro in the European Union. EU Public Consumer Protection Organisations see the Digital Euro as a public good and an opportunity to make digital payments more consumer-oriented. Critics see the introduction of a Digital Euro and the simultaneous decline of cash as a threat to informational self-determination and privacy. There are concerned over data protection laws, such as the total financial screening of people and their purchasing behaviour by the monitoring state. According to some experts, the European Commission has shown itself incapable of providing a real privacy policy for digital money. However, the European Central Bank (ECB) assures that the digital euro will provide “enhanced data privacy”.
In the Eurozone, the Governing Council will make a decision by the end of 2025 on whether to proceed to the next stage of planning for a Digital Euro. A digital form of the Euro is unlikely to enter into widespread public usage for several years. The introduction of a Digital Dollar is also some years away.
Further Reading
Russian Banks Instructed To Permit Client Use of Digital Rubles From July 1, 2025
