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What awaits the digital ruble by 2030
Certainly, one of the relevant topics discussed at the International PLUS-Forum “Payments and Cash Circulation” was the introduction of the digital ruble.
Ivan Demkin, Head of Processing, Untitled Bank, shared his views on the evolution of central bank digital currencies. Speaking about the introduction of the CBDC, the speaker placed special emphasis on the experience of implementing such programs in China and India. As is known, the digital yuan project has largely set the tone for most initiatives in the field of CBDC around the world, which makes it even more valuable to be able to objectively analyze its further development. In turn, the digital rupee has been used as a means of payment in India since the end of 2022, but for a number of objective reasons has not yet become a popular means of payment.
Elena Petrova, Deputy Board Chairman, Russian Standard Bank, spoke about the introduction of the digital ruble based on real cases. The topic of her presentation was “Digital ruble, current state, roadmap”. The roadmap for the implementation of the digital ruble provides for a phased transition:
· September 1, 2026 — the largest banks and retailers with annual revenues over 120 million rubles will be required to offer their clients an option of making transactions with the digital ruble.
· In the next two years — medium and small businesses will have to connect to the platform.
· By 2028 — a full-scale deployment of the system is expected.
According to forecasts from the National Rating Agency (NRA), in the first years of scaling the digital ruble, the economic effect will amount to 30-50 billion rubles per year for businesses and 5-8 billion rubles for banks.The implementation of anti-money laundering requirements on the digital ruble platform is a complex topic. There is no sufficient global experience yet. Therefore, three models were studied at the development stage. As a result, a hybrid model was adopted, with the control over the implementation assigned to both the Central Bank of the Russian Federation and the banks participating in the digital ruble implementation platform. Vlada Korchagina, Head of the Legal and Regulatory unit of the Legal Department of Rosfinmonitoring, spoke about this in detail.
According to representatives of the banking sector, the digital ruble can accelerate cash circulation and balance the economy, but it requires careful preparation of the infrastructure. Vitaly Kopysov, Director of Innovations at Sinara Bank, expressed his opinion on this matter. As the speaker noted, the transition to the digital ruble not only changes the internal processes of banks, but also creates the basis for the development of innovative services that can meet the needs of the modern consumer.