Alla Bakina, Director of the National Payment System Department of the Bank of Russia, emphasized that most private banks in Russia are ready to provide services in digital rubles from September 1. The currency will integrate with the existing universal QR code payment system.
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Key points to remember:
- Alla Bakina confirmed that 12 major banks are ready to offer digital ruble services from September 1.
- Changing the payments market in Russia, the digital ruble will roll out across a QR network of 9 million points of sale.
- Roman Artyukhin said that the Treasury is ready to expand the usefulness of CBDCs after processing 35,000 rubles.
Central Bank of Russia: Russian banks are ready for the launch of the digital ruble
As stablecoins have become one of the most relevant applications of blockchain technology, some countries have continued to develop central bank digital currencies (CBDCs), thereby maintaining control over the issuance of these digital alternatives.
The Central Bank of Russia provided an update on the readiness of its digital ruble initiative, scheduled to launch on September 1. According to Alla Bakina, director of the National Payments System Department of the Bank of Russia, most large banks that participated in the national pilot project will be ready to offer digital ruble services by this date.
“We have been preparing for the date of September 1 for some time, in collaboration with the banks, and we are moving forward with great confidence. All our major banks, 12 of them, are already ready and connected,” Bakina said on the sidelines of the St. Petersburg International Economic Forum.
Bakina highlighted that nine other major banks are already making good progress in connecting their system and completing work towards the full implementation of the digital ruble. However, she acknowledged that at most two banks may not be able to complete work towards this inclusion. “This is simply because they acquired this status based on our analysis of their activities, based on the 2025 results, and they simply objectively need a little more time,” she concludes.
Recently, Russian officials have been promoting the digital ruble ahead of its launch. Russian Treasury Secretary Roman Artyukhin said Russians should act like Zoomers and not be afraid of the new currency, emphasizing that the government is ready to receive payments in digital rubles.
“The federal infrastructure is fully operational. After all, both individuals and businesses perceive the ruble as a non-monetary currency. We received 35,000 rubles. This may be a small step for the digital ruble, but it is a big step for the ecosystem.” he declared.
Pavel Potanin, Deputy General Director of the National Payment Card System (NSPK), emphasized that the digital ruble is already ready to work with the universal QR payment system, since the law establishes that banks with a significant market share must activate this option by this date.
“In terms of market integration, the work is going according to plan… I would like to emphasize that the universal infrastructure of the QR system is already ready to work with the digital ruble,” said Potanin.
The universal QR payment system covers more than 9 million points of sale and 200 banks.