Widespread adoption of the digital ruble is unlikely, Russia’s central bank says

Mass adoption of Russia’s upcoming digital ruble is not to be expected, according to one of its monetary authority’s high-ranking representatives.

The central bank digital currency will mostly benefit the state and the economy, but ordinary Russians are unlikely to keep a lot of value in the CBDC. That would be unprofitable, the top official acknowledged.

Bank of Russia holds no high hopes for digital ruble acceptance

No one should expect a widespread adoption of the digital ruble among Russians, as storing funds in the new form of the national fiat will be less profitable than traditional bank deposits.

The statement came from Kirill Tremasov, advisor to the Governor of the Central Bank of Russia (CBR), Elvira Nabiullina, during a meeting with students at the Tomsk State University.

Accounts holding this CBDC, or any other for that matter, should not accrue interest by default, as such currencies represent basically cash, albeit digital.

“Nothing will be credited, and this fact alone might make you wonder whether I need digital rubles at all,” Tremasov noted and elaborated:

“At the consumer level, the advantage of the digital ruble, well, it’s not obvious to me, to be honest … Therefore, a mass adoption is probably not going to happen.”

At the same time, the CBR official supposed that many Russians may, nevertheless, set up their own CBDC accounts, simply out of curiosity. Quoted by the Interfax news agency, he commented:

“Our people are truly active, and many are technologically advanced. Therefore, simply wanting to test a new technology will certainly lead them to create their own digital wallets.”

But then he remarked it’s unlikely that significant amounts will be stored in them, as this would require “sacrificing the profitability of deposits or current accounts” offered by commercial banks.

Tremasov went on to point out that the main positives of the digital currency will be felt in the public sector and the Russian economy as a whole.

For example, using the CBDC to make transactions will allow for tracking the entire value chain or budget-related transfers, which in turn can help improve financial efficiency, he explained.

Russia’s digital ruble set to hit the stage in 2026

The digital ruble is the third incarnation of the Russian currency, after existing physical cash and electronic bank money.

Its development has been going on for a while, and the Bank of Russia started trials with a limited number of participants more than two years ago.

Initially, the launch of the state-backed coin for public use was scheduled for 2025, but later the regulator postponed it by a year.

Then, after President Vladimir Putin urged its wide implementation during an economic forum this past summer, officials at the CBR scrambled and set new dates.

According to the latest timetable, which was approved by the Russian parliament, the CBDC will be introduced in several stages, starting from September 1, 2026.

Limited use cases for the CBDC until now include proposed wage payments, with the first digital ruble salary received by the Chairman of the parliamentary Committee on Financial Markets, Anatoly Aksakov, in September.

Earlier this year, the Moscow Metro announced it had made a digital ruble payment in June. Then, in August, Russia registered its first real estate deal with the sovereign coin. And, again in September, St. Petersburg’s Pulkovo Airport accepted the CBDC for parking.

However, ordinary Russians remain skeptical and wary of the new type of money. Nearly half of the respondents in a recent poll are convinced its main purpose is to allow the state to tighten control over financial transactions in their country.

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