Russia aims to roll out its own CBDCs by 2024

The digital ruble is set to roll out across Russia starting in 2024.

The digital ruble must be rolled out across Russia starting in 2024. That's at least what Bank of Russia plans.

The push to implement Russia's own digital central bank currency (CBDC) is ramping up in Russia. As Bank of Russia announced in a new document, the central bank wants to roll out the digital ruble nationwide starting in 2024.

Concretely it states: "In 2024 Bank of Russia will begin gradually connecting all credit institutions to the digital ruble platform and expand the number of available payment options and smart contract-enabled transactions."

Some features, like an offline mode and the rollout to more financial providers and exchanges, are expected to roll out from 2025. In April Russia announced an initial test phase of the digital ruble for 2023. After that, a roadmap for nationwide integration should be presented, said deputy governor Olga Skorobogatova in June.

Overall, Russia is looking for ways to sidestep Western sanctions in the wake of the Ukraine war. The focus on developing its own CBDC has therefore "high priority," head of the central bank Elvira Nabiullina conceded at the end of April.

Russia is also exploring a blockchain-based platform to offset its exclusion from the international payments system SWIFT.