The Central Bank of Russia indefinitely postpones the launch of the digital ruble project

The Central Bank of Russia has indefinitely postponed the full launch of its digital ruble project and does not have a new timetable. It is reported that the Central Bank of Russia began testing its digital currency through a limited pilot program in August 2023, involving 12 banks and about 600 employees, and has already tested wallet functions, transfers, and automatic payments. Companies are also exploring using digital rubles for transactions, with preliminary plans to achieve wider adoption by July 2025. Elvira Nabiullina, the head of the Russian central bank reportedly confirmed this delay, emphasizing that additional time will help financial institutions adopt models suitable for their customers. She also stressed that delaying the launch is to ensure that the digital ruble can benefit all stakeholders.