Bank of Russia Expects Wide Adoption of Digital Ruble Within 5 to 7 Years

Elvira Nabiullina, the governor of the Bank of Russia, declared that she expects the digital ruble, the Russian CBDC, to achieve a high level of acceptance due to the benefits it offers to Russian citizens. During a speech at the Federation Council, Nabiullina stated that it would be widely adopted within five to seven years.

Bank of Russia Governor States Digital Ruble Will Become ‘Familiar’ in 5 to 7 Years

The Bank of Russia is now making predictions about the progress of the Russian central bank digital currency (CBDC), the digital ruble. Elvira Nabiullina, governor of the Bank of Russia, estimated that the adoption of the digital ruble would progress slowly, reaching widespread adoption by 2031.

During a speech at the Federation Council, Russia’s equivalent to the U.S. Senate, Nabiullina declared:

The digital ruble will gradually, within five to seven years, become a familiar part of our lives.

Nabiullina clarified that this adoption level would be favored by the advantages this digital currency offers over other payment options. “There are clear advantages for people to use the digital ruble. These are free transfers for citizens and commissions for businesses that are several times lower than for cards,” she stressed.

Nabiullina had made similar predictions on the adoption of the digital ruble before, stating that the massification of the currency would take five to seven years in Abril. At that time, Nabiullina stressed this would be a “natural process,” with people choosing to transact using the digital ruble voluntarily.

The digital ruble is in an advanced pilot phase, and its completion might be accelerated due to the recent calls from President Putin to hasten its integration into the Russian structure. In July, he called to “take the next step, namely to move to a broader, full-scale implementation of the digital ruble in the economy, in economic activity and in the field of finance.”

Since Putin’s remarks, the State Duma has given initial approval to regulation allowing cryptocurrencies to be used for international cryptocurrency payments starting in September.