Russia’s central bank is set to launch digital ruble by 2025
The Central Bank of Russia also hopes to interlink its CBDC with the payment systems of China, India, and the UAE. Russia’s central bank is considering 2025 as the year when its digital ruble (a local central bank digital currency, CBDC) will be widely used in the country. Russian state-owned news agency TASS reported the news, citing the first deputy governor of the Bank of Russia, Olga Skorobogatova. As per her words, the financial regulator sees a digital ruble as an addition to its current set of payment methods: the Faster Payments System, the country’s Mir payment cards, QR code/NFC payments, biometrics-based payments, and cash. You might also like: Swift to beta test CBDC interlinking solution with central banks It is yet to be seen if Russia eventually plans to oblige its citizens to accept state salaries, pensions, or social security benefits using only the CBDC. Previously, it happened with Mir, a state-run card payment system the country launched in 2...