Russia's central bank says 220,000 digital ruble accounts opened in first month

Russia's central bank said more than 220,000 digital ruble accounts were opened in the month after the digital currency's broad launch, according to TASS and Interfax. Zulfiya Kakhrumanova, a deputy chair of the Bank of Russia, gave the figure at the FinTech x10 forum. The digital ruble is the third form of the national currency, issued by the central bank alongside cash and non-cash money, Interfax reported. [ 1 , 2 ]

Kakhrumanova said the central bank's forecast for account openings by the end of this year had been conservative, at about 60,000, Interfax reported. She said the estimate drew on figures similar to those seen when Faster Payment System transactions were rolled out, adjusted for a different client path: unlike a mobile app transfer, a digital ruble account must first be opened. “Our citizens are open to the world, the operations interest them,” Interfax quoted her as saying. [ 2 ]

Interfax reported that the central bank ran a pilot from mid-August 2023 until 1 September 2026, during which 5,000 accounts were opened. Under the broad launch that began on 1 September, the largest banks and their clients, trading companies with revenue above 120 million rubles last year, began offering digital national currency operations. Banks with universal licences and trading companies with revenue above 30 million rubles must follow from 1 September 2027, and banks with basic licences and companies with revenue of 20 million to 30 million rubles from 1 September 2028. [ 2 ]

3DNews reported that the accounts opened — which it put at 220,000 — far exceeded expectations, and said the initiative was not derailed by scepticism in society or resistance from some banks, without naming them. It also reported that VTB, Russia's second-largest bank, said more than 1,500 corporate clients are ready to open digital ruble accounts. [ 3 ]

3DNews described the digital ruble as directly tied to the central bank, unlike cryptocurrencies or digital money issued by commercial banks, and listed arguments by supporters: making tax evasion harder, ensuring social benefits are spent as intended and improving transparency in state procurement. It said the digital ruble could also serve as a means for foreign trade under Western sanctions, and noted that China and India have also introduced digital forms of their currencies, with officials discussing integrating national digital currencies into a new BRICS payment system. [ 3 ]

According to 3DNews, the Finance Ministry and the Bank of Russia said they have begun paying some employees' salaries in digital rubles on a voluntary basis, while opinion polls show that a majority of Russians still oppose receiving money in that form. [ 3 ]