Digital Ruble's Next Phase: Bank of Russia Prepares for a New Pilot
The Bank of Russia is considering a fundamental change to the architecture of the digital ruble. Under the proposal, digital wallets would be recorded on the balance sheets of commercial banks rather than on the regulator's own platform.
Preparing for this pilot is expected to take about three years, with the experiment targeted for 2029. If implemented, the change could transform the digital ruble from a payment instrument into a foundation for deposit and lending products, creating new opportunities for Russia's financial ecosystem.
A Shift in the Underlying Model
Originally, digital wallets for individuals and businesses were designed as fully centralized accounts hosted on the Bank of Russia's platform. Commercial banks would serve only as intermediary gateways. That model raised legitimate concerns among banks about customer liquidity migrating to the regulator's platform. Recording digital wallets on commercial banks' balance sheets would remove that risk and support deeper integration of the digital ruble into the existing financial system. For consumers, it could open access to new financial products, including deposits and loans denominated in digital rubles.
"We want to give banks an opportunity to demonstrate that this model is viable and that both individuals and businesses are interested in these types of accounts," said Zulfiya Kakhrumanova, Deputy Governor of the Bank of Russia, during the Bank of Russia's Financial Congress held in early July.
New Challenges
For Russia's IT sector, the proposal represents a major technology effort. Banks will need to develop new modules for automated banking systems, liquidity management tools, and information security mechanisms. Meanwhile, the regulator will have to define responsibilities and obligations toward digital ruble holders while developing implementation standards and the regulatory framework for the new concept. If the pilot succeeds, financial institutions will be able to offer digital deposits, secured lending products, and sophisticated programmable financial services built on smart contracts.
Moving Toward Broad Adoption
The Bank of Russia launched its digital ruble pilot in August 2023. The initial phase focused on core functionality, including opening digital wallets, making transfers, and processing QR code payments. Thirteen banks and selected customers participated in the trial. By the end of 2024, more than 10,200 participants, including both individuals and businesses, had opened digital wallets and completed tens of thousands of payments through 30 participating banks.
In 2025, the rollout stages for the digital ruble were established in legislation. Beginning September 1, 2026, Russia's largest banks must provide customers with access to transactions using this form of the national currency. At the same time, the National Payment Card System's universal QR code will be introduced, and offline digital ruble payments that do not require an internet connection will enter the testing phase.
Building a Two-Tier System
The Bank of Russia's proposal to record digital wallets on the balance sheets of commercial banks signals a reassessment of the original concept of a fully centralized digital ruble architecture. The regulator aims to preserve the clear advantages of a unified national platform while giving banks economic incentives to develop savings and lending products on top of that infrastructure.
If the pilot is successful, Russia could establish a two-tier digital ruble ecosystem. The Bank of Russia would retain exclusive responsibility for issuing the digital currency and settling final transactions, while commercial banks would develop derivative financial products. In effect, the digital ruble would retain its unique programmable capabilities while gaining broader functionality and wider adoption.
