CBDC seen as reliable tool for state payments and international settlements
Russia is moving closer to the launch of its digital ruble, with Finance Minister Anton Siluanov calling it a “strong” and “reliable” alternative to the fiat ruble. Speaking at the Moscow Financial Forum, Siluanov emphasized the central bank digital currency’s (CBDC) potential to enhance budgetary transparency and payment traceability.
Digital Ruble as a Policy Tool
Set for official rollout in 2026, the digital ruble will become a cornerstone of Russia’s financial system. Siluanov highlighted that the CBDC would operate independently of commercial banks, ensuring greater stability.
“The digital ruble is absolutely strong and reliable, and it does not depend on commercial banks,” Siluanov said.
The finance minister stressed its usefulness for government settlements, noting that state disbursements made through the digital ruble would be fully traceable, boosting efficiency and reducing the risks of mismanagement.
Pilot Progress and First Salary Payments
The digital ruble pilot program has been underway since 2020, involving multiple national banks and financial institutions. Tens of thousands of test transactions have already been processed, ranging from retail payments to interbank transfers.
This week, the project reached a symbolic milestone: the first salary payment was made in digital rubles to Anatoly Aksakov, Chairman of the State Duma Committee on Financial Market.
International Settlement Ambitions
Beyond domestic applications, Russian officials view the digital ruble as a tool to facilitate cross-border settlements. The central bank has already confirmed plans to integrate it into payment corridors with countries such as the United Arab Emirates, aiming to bypass Western sanctions and strengthen international trade routes.
With its launch expected in 2026, the digital ruble could significantly alter Russia’s payment infrastructure. By combining state-level oversight with digital efficiency, policymakers argue the CBDC will increase transparency while positioning Russia as a frontrunner in the global CBDC race.
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