Russia to Roll Out the Digital Ruble in 2026
A new central bank digital currency is expected to deliver budget savings and improve how public funds are allocated. In the first few years after launch, the digital ruble is projected to start generating a measurable economic effect.
Russia is preparing to roll out the digital ruble, a central bank digital currency. Under the model selected by the Central Bank of Russia, the regulator will open and maintain digital wallets for financial institutions, while banks will, in turn, open and manage wallets for their customers. The digital ruble is not a cryptocurrency, as it is issued centrally by the Bank of Russia.
The Bank of Russia will act as the guarantor of transaction security. Each digital ruble will carry a unique digital identifier and can be converted into either cash or non-cash form, allowing the new instrument to operate alongside existing payment methods.
The digital ruble is designed to make settlements more transparent. Its use is expected to reduce transaction costs and increase the speed of payments for both the state and businesses. The technology also enables more precise tracking of how budget funds are used, supporting more rational allocation of public resources and direct budget savings. The introduction of the digital ruble is scheduled for mid-2026.
Integrating Technology Into Public Decision-Making
The integration of scientific research and advanced digital technologies into public decision-making is increasingly becoming a subject of expert analysis and academic study. At specialised events, including the international research conference “Science for Public Administration in Russia” organised by the Presidential Academy, researchers, civil servants and business representatives exchange experience, discuss challenges and propose improvements to workforce training and institutional cooperation.
The digital ruble is one of Russia’s key economic technology projects. According to expert forecasts, by 2031 its deployment could generate up to 260 billion rubles a year (about $3.1 billion) for the national economy, while the banking sector could gain up to 50 billion rubles annually (around $600 million). These gains are expected to come primarily from new commission income generated by products based on smart contracts. The outcome would be more efficient public administration, economy-wide digitalisation and a higher level of digital maturity.
Building the Economy of the Future
Developing a national digital currency is a critical step toward integrating into the economy of the future. By 2020, around 80% of central banks worldwide were already working on similar initiatives. Russia joined this trend with testing that began in 2022 and involved 12 banks. A formal pilot of the digital ruble was launched by the Bank of Russia in 2023.
In 2025, legislation was adopted requiring all banks, starting with the largest, to provide customers with access to digital ruble services by September 2028. The same law also sets deadlines for introducing a universal QR code based on the National Payment Card System, which will provide access to multiple payment methods through a single interface.
The practical potential of the technology has already been demonstrated. At the Finopolis-2025 forum on innovative financial technologies, specialists from Center-Invest Bank showed how the digital ruble can optimise budget processes when financing the operations of a football club, illustrating the real-world application of programmable money in public spending.
Early Losses, Long-Term Gains
In the first few years after the launch of the digital ruble, experts estimate that the economic effect could amount to 30–50 billion rubles a year for businesses (roughly $360–600 million) and 5–8 billion rubles for banks (about $60–100 million). Initially, banks may face losses as some customers shift toward new digital services. Under a pessimistic scenario, starting in 2027 banks could incur losses of 45–95 billion rubles a year (approximately $540 million to $1.1 billion), equivalent to around 8–10% of net profit. From 2029 onward, however, the effect is expected to become more evenly distributed and to grow as adoption stabilises and new revenue models take hold.
Key risks include higher funding costs, a contraction of the deposit base that underpins bank earnings in a high-rate environment, and additional pressure on traditional fee income. There is also concern about the emergence of new fraud tools aimed at compromising security codes or altering transaction histories. Ensuring the security of digital funds will therefore require sustained effort from developers.
