News

• Russia's largest banks must support a digital version of the ruble for customers starting July next year.
• Smaller banks will follow suit over the coming years.

The Bank of Russia wants the country's largest banks to support a digital ruble for retail and commercial use by July next year.

The banks will need to enable their customers to "open and top up digital ruble accounts, make transfers, and accept digital rubles in their infrastructure," the central bank said Thursday. After that, "it is planned to launch the widespread use of the digital national currency. It is important that it is available to citizens and businesses and, if desired, they can freely use it on an equal basis with cash and non-cash funds."

The digital ruble is a central-bank issued digital currency, or CBDC. Banks worldwide have been exploring use of CBDCs either for retail or institutional, or wholesale, use. Some nations like the Bahamas and Nigeria have already introduced CBDCs.

Russia has been testing its CBDC with 12 banks. At the beginning of the month, the trials expanded to 9,000 people from 600.