Russia’s Digital Ruble Passes 220,000 Accounts in Its First Month, Far Above Central Bank Forecasts

Russia’s central bank digital currency has drawn more than 220,000 accounts since its Sept. 1 launch, nearly four times the roughly 60,000 officials had expected. Central bank Deputy Governor Zulfiya Kakhrumanova gave the figure on Tuesday. The early uptake offers a first test of whether a CBDC can move past pilot programs and win real-world use. Moscow sped up work on the digital ruble after Western sanctions over the war in Ukraine cut the country off from parts of the global financial system and made payments with major partners such as China and India harder.

BRICS Explores Linking Digital Currencies

The rollout comes as BRICS, the bloc that includes Russia, China and India, looks at ways to connect members’ digital currencies for cross-border payments. CBDCs were a key topic at the 18th BRICS Summit in New Delhi last month, where leaders backed expanding local currency trade settlement and linking national digital currencies. If the plan moves ahead, the digital ruble could become a tool for trade with bloc partners.

CBDC Surveillance Concerns and the US Ban

Central bank digital currencies remain controversial, with critics warning about government surveillance and centralized control over money. In the United States, a major housing law passed earlier this year bars the Federal Reserve from issuing or creating a CBDC through the end of 2030.