Russian Central Bank Governor Elvira Nabiullina has said that the country is fully prepared for the widespread use of the digital ruble, which is projected to launch on September 1.

 

Nabiullina made this announcement at the recent Central Bank Financial Conference held in St. Petersburg. “Everything is ready for the broad use of the digital ruble. We want the digital ruble to be in demand by both people and businesses, and to be convenient,” she said.

 

“We see great potential in using smart contracts for businesses, and we are exploring these ideas and discussing them with banks, including possible pilot projects to open wallets on bank balance sheets, not just on the Central Bank’s balance sheet.”

 

Although the digital ruble will be launching soon, discussions and planning have been ongoing since October 2020, when the Central Bank of Russia first published a consultation paper on the possibility of launching a digital ruble while seeking expert feedback.

 

In 2021, it developed a platform prototype and began testing it over the following years, conducting trials with real transactions and real clients. In July 2025, it provided more detailed guidance on the rollout of the digital ruble.

 

According to the bank, retailers that are clients of major banks and whose revenue for the previous year exceeded ₽120 million will be required to accept payments in digital rubles starting September 1, 2026. Banks with retail clients whose revenue exceeds ₽30 million will be required to process digital ruble transactions starting September 1, 2027.

 

Banks with retail clients whose revenue is under ₽30 million must comply with the directive by September 1, 2028. However, retail outlets with annual revenues of less than ₽5 million are exempt from the obligation to accept payments in digital rubles.

 

About the Digital Ruble

 

The digital ruble is a digital form of the Russian ruble issued and backed directly by the Bank of Russia. When launched, it will serve as the third form of the national currency, alongside physical cash and traditional bank deposits, which represent non-cash rubles.

 

The digital ruble was created to modernize payment systems and reduce reliance on private payment systems and foreign infrastructure, and according to the Bank of Russia, all transactions conducted with the digital ruble will be free of charge.