Bank of Russia to begin digital ruble rollout on Sept. 1

Elvira Nabiullina told the Bank of Russia's Financial Congress that systemically important banks and large retailers have completed technical work to connect to the digital ruble platform. Banks in that group are expected to begin offering the digital ruble to clients from Sept. 1.

The central bank is considering allowing commercial banks to hold customer digital ruble wallets on their balance sheets rather than keeping all wallets on the central bank ledger. That design would enable banks to integrate the digital ruble with existing accounts and payment services.

Nabiullina noted the goal is for the digital ruble to be convenient and in demand by individuals and businesses. “We want the digital ruble to be genuinely in demand by people and businesses, to be convenient,” she added.

The Bank of Russia ran pilot programs with a limited set of banks, businesses and users. Moving to wider availability through systemically important banks and major retailers is the next phase while legal and technical frameworks are finalized.

Officials are also discussing the use of stablecoins for international settlements, viewing them as a supplement to the digital ruble rather than a domestic priority.

Lawmakers are drafting a cryptocurrency law that will set market rules and include measures to prevent misuse. Bank officials proposed a 48-hour “cooling period” for transfers of cryptocurrencies into accounts involving certain unqualified investors, which they say will not affect normal crypto trading and brokerage services.

Separately, the European Commission proposed expanding transaction bans to multiple non-EU entities, including banks, crypto platforms and energy traders that provided services to sanctioned Russian entities.