Russia plans to introduce massive digital Ruble in 2025: Central bank governor

Moscow, July 30 The digital Ruble may be widely introduced in 2025 if it is successfully tested, Russian Central Bank Governor Elvira Nabiullina said Tuesday.

"Now I can say that if everything goes as we plan further on, with pilots implemented successfully, we will be able to shift from tests to massively introducing the digital Ruble from July 2025," she addressed the Federation Council, adding that it will be a gradual process.

Russian President Vladimir Putin said earlier that the digital Ruble platform showed efficiency and reliability as it was tested, local media reported.

The central bank launched a pilot programme of the digital Ruble in August last year. It is set to become the third form of Russia's national currency, which the bank plans to issue in addition to cash and non-cash Rubles, Xinhua news agency reported.

Meanwhile, Nabiullina said Russia will conduct its first cross-border payments in cryptocurrencies by the end of 2024.

"The State Duma is considering a law that would allow settlements in cryptocurrency under an experimental framework," she said, adding that the terms of the experiment are being discussed with relevant ministries and businesses.

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