Digital Ruble Transactions Surpass 100,000 as Russia Expands CBDC Pilot

Transactions with the digital ruble have reached 100,000 since the Bank of Russia started testing its new currency almost two years ago. The milestone was announced in a report titled “Digital Ruble: Current Status of the Project,” which detailed the progress and future plans for Russia’s central bank digital currency (CBDC).

The report, released in June, includes more than 63,000 transfers and almost 13,000 payments for goods and services as of the end of May. Additionally, some 17,000 smart contracts have been executed on the digital ruble platform. Participants in the project from 150 cities and towns across the country have opened around 2,500 digital ruble wallets, with transactions available to clients of 15 banks.

The Bank of Russia began processing actual transactions with its CBDC in mid-August 2023. The pilot project initially had a limited number of participants but grew to 9,000 private individuals and 1,200 businesses by the end of 2024. The bank’s specialists tested systems designed to protect the CBDC from cyberattacks and maintain the confidentiality of transaction data. Several support centers for digital ruble users have been set up in various cities to process transactions, provide settlement services, ensure compliance with anti-money laundering rules, and help resolve technical issues.

The Bank of Russia is now fine-tuning the economic model of the digital currency, working with other government bodies and commercial banks. The focus is on elaborating different scenarios for smart contracts to improve efficiency in business and government spending. The regulator is also scaling up the pilot, increasing the number of participants and available services. Plans include developing e-commerce, payroll, and invoicing applications.

The central bank aims to increase trust in the CBDC among Russians, who hold more than $25 billion in crypto assets. The financial authority emphasized the need for time to get used to the digital ruble, like any other innovation. The Bank of Russia is working to increase the awareness of citizens and businesses, expecting that the gradual growth in the number of users will help remove psychological and other barriers to its use.

Governor Elvira Nabiullina indicated that the Bank of Russia sees the coin’s main purpose as a payment tool in foreign trade and wholesale settlements. Russian companies have been dealing with serious financial restrictions as part of sanctions imposed over Moscow’s invasion of Ukraine. The report comes after the CBR set new dates for the full-fledged launch of the digital ruble in stages starting from September 1, 2026, following Russian President Vladimir Putin’s call to speed up the process.