Russia Is Ready for ‘Widespread Use’ of Digital Ruble by September, Says Bank Governor

Major Russian banks and retailers are ready to allow citizens to use the national’s digital ruble by the September 1 deadline, Bank of Russia Governor Elvira Nabiullina said this week, according to a report from state-owned media.

“Everything is ready for the widespread use of the digital ruble,” Nabiullina said during a briefing during the Central Bank Financial Conference, per the translated report.

“Systemically important banks and large retailers will need to join in to accept it,” Nabiullina said. “Technologically, everything is ready; we’ve done a lot of preparatory work for this stage.” 

The nation’s central bank digital currency (CBDC) plan will come to fruition nearly three years after Russian President Vladimir Putin signed a bill into law that granted the legal tender to a digital ruble. Last July, the State Duma passed a law saying that major banks must be ready to accept the digital currency by September 1, 2026.

Beyond the digital ruble, the nation is considering the use of smart contracts—which hold the code to power decentralized applications and other blockchain-based projects—for businesses. The Bank of Russia is also considering piloting opening digital wallets on bank balance sheets, according to the governor. 

“We want the digital ruble to be in demand by both people and businesses, and to be convenient,” she said. “And, of course, we’re constantly in discussions with banks about what functionality to develop and how to do it.” 

While the Russian financial leader may be keen on the upcoming digital currency, it has so far “failed to generate significant public interest,” according to a report from The Moscow Times. 

The independent outlet cited a survey by a state pollster which found that Russian citizens “do not understand why they need a third form of money,” beyond cash and non-cash options.

Nevertheless, the outlet reported that the Central Bank will aim to entice other banks to participate, paying a small commission of around 0.67 Rubles (less than $0.01) for completed payments. 

The adoption of a central bank digital currency (or “digital dollar”) is a contentious issue in the United States, with some lawmakers and crypto advocates warning that it may enable deep financial surveillance. Earlier this year, the U.S. Senate advanced a bill that would implement a ban on a CBDC in America.

Last month, updated text was included in a bill for sweeping housing legislation that would implement a temporary ban on a U.S. CBDC through 2030. However, President Donald Trump ultimately refused to sign the bill in a last-minute reversal, saying it was “of minor importance” and demanding that lawmakers first pass a controversial bill to restrict voting rights.