Russia's central bank has reaffirmed plans to unveil its central bank digital currency, the digital ruble, on Sept. 1.
Cointelegraph reported on Wednesday that Bank of Russia Governor Elvira Nabiullina (엘비라 나비울리나) said preparations were complete to launch the digital ruble within 2 months, in line with a schedule presented last year.
Speaking to Russian state media outlet RIA Novosti, Nabiullina said of the Sept. 1 launch, "Everything is ready." The digital ruble will be introduced to complement the existing ruble, and financial and credit institutions will handle it first in the initial stage.
Nabiullina said the digital ruble must be used in practice and be convenient for individuals and companies, adding that discussions are continuing on the direction of related function development. Russia has been pursuing development of the digital ruble since 2021.
Institutional preparations will also proceed on the same schedule. Vladimir Chistyukhin (블라디미르 치스튜힌), first deputy governor of the Bank of Russia, said a law allowing the digital ruble would take effect on Sept. 1 and a transition period would continue until July 2027.
Chi-gyu Hwang
delight@d-today.co.kr