Russia to Launch Digital Ruble Without Internet Access
The Central Bank of Russia is preparing to launch digital ruble payments without internet access, with full rollout starting September 1, 2024, for 12 systemically important banks and nine key payment service providers. All operations for individuals will be free, while businesses will pay minimal fees.
Consensus
- The Central Bank of Russia is developing the ability to make digital ruble payments without internet access.
- The Central Bank is evaluating domestic and foreign technological solutions for this feature.
- The research is expected to be completed by autumn 2026.
- After testing, the technology will be implemented only if it proves reliable and secure.
- Starting September 1, 2024, citizens can open digital ruble wallets through 12 systemically important banks.
- Nine additional key payment service providers are required to offer access to the digital ruble.
- All operations with the digital ruble for individuals will be free of charge.
- Businesses will pay minimal fees for digital ruble transactions, lower than current banking tariffs.
- A monthly limit of 300,000 rubles will apply for transfers from non-cash accounts to digital ruble wallets.
- The use of the digital ruble will be voluntary, with no coercion to adopt it.
- More than 130 banks in Russia are preparing to connect to the digital ruble platform.
Points of divergence
- The digital ruble wallet in mobile banking apps will feature a 'dopamine-rich' bright red logo. — vedomosti
- There is a risk that three banks, granted systemically important status in February, may not complete system adaptation in time for the autumn rollout. — m24
Coverage (9 sources)
- Central Bank prepares payment with digital rubles without internet access — Ведомости
- Central Bank intends to introduce payment with digital rubles without internet — Коммерсантъ
- Central Bank wants to allow payment with digital rubles without internet — Вести
- At the Central Bank, they answered the question about the mandatory use of the digital ruble — Вести
- All operations with the digital ruble for Russians will be free. 'No commissions', - said the Central Bank. Meanwhile, for business... — РИА Новости (Telegram)
- Central Bank: all operations with the digital ruble for Russians will be free — Коммерсантъ
- Central Bank: all operations with the digital ruble will be free for Russian citizens — Ведомости
- Russians will be able to use the digital ruble for free starting September 1 — Вести
- Operations with the digital ruble will be free for Russians starting September 1 — Москва 24
Key entities
- CB
- Alla Bakina
- RIA Novosti
- Moscow
- Russia
- Bank of Russia
- Bank of Russia (Central Bank of the Russian Federation)
- Darya Myasina
More on Alla Bakina
- Digital ruble launches with 'dopamine' red logo
- CB Sets 300K RUB Monthly Limit on Digital Ruble Wallets
- Russians Can Open Digital Ruble Wallets From Sept 1