- The head of the Russian central bank, Elvira Nabiullina, has said that it will take five to seven years for the digital ruble to be widely introduced.
- This seems to go against the chairman of the State Duma Committee on the Financial Market’s recent comments that the launch will take place in 2019.
No Choice Before 2025
The head of the Bank of Russia, Elvira Nabiullina, has said that although the digital ruble’s trial program would continue, a decision on its general implementation won’t be made until 2025.
These elucidating comments are purported to have been made by Nabiullina on April 8 at a joint session of committees from the State Duma, the Russian Federal Assembly’s lower house.
The chair of the State Duma Committee on the Financial Market, Anatoly Aksakov, seems to have refuted Nabiullina’s remarks in a recent statement.
According to an article published by the Russian Federal Assembly, Aksakov proposed starting the Central Bank Digital Currency (CBDC) rollout in large quantities the following year. He further stated that Russians will begin paying for products and services using the CBDC by 2026.
Nabiullina responded to the many questions she gets regarding the general release date of the Russian CBDC in her remarks, which were released by RIA Novosti. The Bank of Russia’s head said saying she has always stressed that this will be a normal process.
When will the digital ruble be made available to the general public is the question posed to us. We estimate that this will require five to seven years.
The decision made by the business and the people themselves is crucial, so this will be a natural process that works for them, the governor of the Bank of Russia stated.
Nabuillina asserts that the outcomes of the pilot phase will be the primary determinant affecting the choice to introduce the CBDC widely.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
