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)
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Tennessee proposes allocating 10% of state funds to bitcoin as Senate hearing set for April 21
Tennessee's “Strategic Bitcoin Reserve Act” (SB 2639) will be heard by the Senate Finance, Revenue and Appropriations Committee on April 21 (next Tuesday). The bill was introduced by Senator Kelly Roberts, has passed the Senate Business and Labor Committee, and now moves to the Finance Committee responsible for overseeing tax and spending measures. If it passes, the Tennessee State Treasurer may allocate up to 10% of eligible state funds to bitcoin (BTC).
MarketWhisper22m ago
Tennessee Strategic Bitcoin Reserve Bill Advances to Senate Finance Committee Hearing on April 20
Tennessee's Strategic Bitcoin Reserve Bill is advancing to a Senate Finance Committee hearing on April 20, moving closer to potential enactment into law.
GateNews3h ago
Circle Faces Class Action Lawsuit Over $230M Unblocked USDC in Drift Protocol Attack
Circle faces a class action lawsuit for failing to freeze $230 million in stolen USDC after the Drift Protocol attack. Plaintiffs argue that Circle's protocols allowed attackers to move and convert the stolen funds without intervention, raising concerns about the company's responsibilities in monitoring cross-chain transfers.
GateNews3h ago
Gate Daily (April 17): Musk’s X Money hits a roadblock with New York crypto regulation; Yuga Labs appoints a new CEO
Bitcoin (BTC) is flat at $74,920. A ceasefire between Israel and Lebanon has taken effect, and Trump says Iran agreed not to develop nuclear weapons. Mizuho Bank warns that Musk’s X Money could be affected by New York’s crypto regulation. Yuga Labs replaces its CEO: Greg Solano becomes Chairman of the Board, and Michael Figge takes over. The market is broadly optimistic. A record-high Bitcoin buying wave in the past decade has emerged, suggesting the price may be moving toward $90,000.
MarketWhisper3h ago
Grinex hacked: $15 million paused from trading, pointing to an “enemy state”
Grinex, a Kyrgyz crypto exchange, paused trading and withdrawals after a large-scale cyberattack and lost about $15 million in USDT. The stolen funds were quickly converted into TRX and ETH to reduce the risk of being frozen. Grinex is believed to be the successor to the sanctioned exchange Garantex, becoming a major trading platform for ruble-to-crypto transactions. In its attack statement, Grinex pointed the incident to an “enemy state,” but it lacked concrete evidence.
MarketWhisper4h ago
Bank of Japan Governor Ueda: Middle East Conflict Poses Dual Risk of Rising Inflation and Economic Slowdown
Bank of Japan Governor Kazuo Ueda highlighted the conflict in the Middle East as a source of inflation and economic slowdown risks. He confirmed that the Monetary Policy Committee will determine suitable measures to reach the 2% inflation target at the upcoming meeting.
GateNews4h ago
