Gate News update: The Central Bank of Russia is counting on the digital ruble (Digital Ruble) to ease economic difficulties, but public acceptance remains sluggish. Before the digital ruble goes live on September 1, most people and banks remain skeptical about it. Dima, a resident of Moscow, said that he does not want to use the digital ruble and questions its real value. A survey shows that 51% of Russians are not willing to try the digital ruble. The banking industry also has reservations about the CBDC. German Gref, CEO of Sberbank of Russia, has said that he does not understand its necessity.
The Central Bank of Russia plans to promote adoption by requiring companies to provide CBDC services, mandating that major banks and retailers provide digital ruble services starting from the launch date. Medium-sized institutions will have a one-year grace period, while the rest must be compliant by 2028. Experts point out that although Russia has a sophisticated cashless payments ecosystem, the digital ruble is hard to drive demand for in everyday consumption, and its potential use cases may be more focused on cross-border trade and evading sanctions. By achieving interoperability with China-led mBridge, Russian companies can use the digital ruble to pay for goods, while Chinese suppliers receive digital yuan, enabling cross-border settlement. Some companies have already completed transactions worth more than $55 billion through this platform, and Russia, along with partners such as China, India, Belarus, and Kazakhstan, is also pushing forward with CBDC cooperation.
In addition, the Central Bank of Russia hopes that the digital ruble will improve fiscal transparency and combat corruption. Anatoly Aksakov, chair of the State Duma’s Financial Markets Committee, said that the digital ruble, combined with smart contracts, can track budget expenditures and reduce the risk of bribery. Faced with Western sanctions and pressure from a declining GDP, Russia hopes to strengthen trade independence through the CBDC and bypass SWIFT restrictions. But expert Yuriy Brisov warned that as a consumer tool, the digital ruble still lacks market appeal, and its true value is more reflected in cross-border settlement and sanction evasion.
Overall, the promotion of the digital ruble is both an economic strategy and a political tool, but public and corporate acceptance remains the key factor in whether it can succeed. (DL News)
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