Mandatory Adoption of Digital Rubles Announced by Central Bank
In a recent session at the Moscow Financial Forum, Zulfia Kahrumanova, Deputy Chairman of the Central Bank of Russia, addressed common misconceptions about the digital ruble.
Kahrumanova began by debunking the myth that the digital ruble would be forced upon the public. She emphasised that this claim is false, and the decision to adopt the digital ruble remains voluntary.
Another myth that Kahrumanova addressed was the idea that individuals could receive an offer to open a digital ruble account over the phone. She clarified that this is a scam and urged the public to be vigilant against such fraudulent activities.
The digital ruble platform, according to Kahrumanova, has already made significant strides, with around 2,500 participants registered. It's worth noting that only the individual themselves can open a digital ruble account.
A limited focus group has been established for the digital ruble platform, paving the way for its future implementation. The plan is to start payments and settlements in digital rubles for the federal budget in 2026.
At the forum, it was announced that, from January 1, 2026, operations on digital ruble accounts will be enabled by the Treasury and the Central Bank. This marks a significant step towards the integration of the digital ruble into the financial system.
Kahrumanova also clarified that assertions about the digital ruble having an expiration date are false. She emphasised that the digital ruble, much like cash and non-cash money, is no different in nature.
Lastly, Kahrumanova assured the public that the Bank of Russia guarantees the safety of funds in transactions conducted through the digital ruble platform. This assurance aims to alleviate concerns about the security of digital transactions.
In conclusion, the Central Bank of Russia is working diligently to dispel myths surrounding the digital ruble and to ensure a smooth transition towards a more digital financial landscape.
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