The following report is by Ledger Insights:
Elvira Nabiullina, the Governor of the Bank of Russia, confirmed its central bank digital currency (CBDC) is on track for a mass rollout in July 2025. However, we previously reported that a second wave of banks started to onboard to the digital ruble pilot in January 2024, but it turns out this has not yet happened. Russia’s largest bank Sber was amongst the second group, so presumably it is not yet part of the pilot.
In September the central bank relaxed some restrictions for the pilot. The participant limit has increased from 600 to 9,000 and the number of merchants from 22 to 1,200. The second wave of 20 banks are still in the process of onboarding.
By July 2025 the largest banks will be obligated to support the digital ruble. So, they have to open and top up digital ruble accounts, make transfers and accept digital rubles.
Other banks have to comply a year later, and nonbank credit institutions have two more years, by July 2027. The Governor acknowledged that the costs of supporting the CBDC for smaller banks are significant. It is providing code for the digital wallet that banks can incorporate in their mobile apps.
There will also be mandatory acceptance of the digital ruble by merchants. Organizations with a turnover of 30 million rubles ($320,000) or more must comply upon launch. Those with over 20 million rubles in revenues have an extra year, and other businesses have two years.
The central bank doesn’t believe it will be too challenging for merchants to adopt the CBDC, as it plans to mandate a universal QR code with a draft law in preparation. This will be based on the QR codes currently used by SBP, Russia’s faster payment system. The universal QR code has already been piloted by 22 banks.
Meanwhile, last week the central bank sent an update of its monetary policy proposals for 2025-2027 to the Duma.
“The digital ruble will not have a significant impact on the monetary policy transmission mechanism (MPTM). At the same time, the Bank of Russia has all the tools to compensate for the secondary effects of the introduction of the digital ruble on the MPTM, if they arise,” the central bank stated.
We understand there will be no CBDC holding limits. The potential secondary effects would include a mass shift in funds from banks to the CBDC.
However, a recent survey by alternative lending service Moneyman highlights that there’s a need to educate the public about the digital ruble. TASS reported that a third of respondents thought a digital ruble was a cryptocurrency similar to Bitcoin.
Sixty three percent of respondents either had no idea about the digital ruble (39.7%) or found it tricky to describe it (23.1%). One in five had a rough idea of what a CBDC involves, with 16.4% having a more detailed understanding.
AUTHOR COMMENTARY
I do not believe that it is a coincidence that SWIFT, the international interbank lending and payment transfer system that the West sanctioned Russia from using, also plans to come out with CBDC and tokenization transferable capabilities around the exact time.
SEE: SWIFT Banking System To Launch CBDC And Tokenized Platform, Expected To Be Released By 2025 Or 2026
Yes, the world may be going multipolar, but that is more orchestrated than people realize. America and the West’s portrayal of Russia and the Global Majority (Global South) may be that of lies and propaganda, but that does not dispute the fact that the world is all moving in concert together…
Remember:
Ephesians 6:12 For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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