Russia Confirms September Launch Date For Digital Ruble

Russia’s central bank governor confirmed the nation remains on track to launch its central bank digital currency on September 1, sticking to the timeline set out last year. She said the digital ruble is fully prepared to roll out, working alongside the existing ruble and initially accepted only by financial and credit institutions. The goal, she explained, is to make the digital currency practical and appealing enough that both people and businesses actually want to use it.

EU Already Moved To Block It

The digital ruble, in development since 2021, was already hit with preemptive sanctions from European authorities earlier this year as part of a broader package tied to the war in Ukraine. A senior Bank of Russia official said the law enabling the currency will take effect on the same September date, with a transition period running until mid-2027.

One former US government adviser has warned Russia could face energy and hardware bottlenecks if it instead leans on proof-of-work cryptocurrencies to dodge sanctions, citing an aging power grid and reliance on China for chips.

US Moving The Opposite Direction

While Russia pushes ahead, the United States is nearing a law that would bar its central bank from creating a digital dollar until 2030, tucked inside a housing affordability bill now sitting with the president.