What is the digital ruble?
As Alla Bakina, director of the Central Bank’s National Payment System Department, explained to RIA Novosti, the digital ruble is the same ruble that Russians and visitors to the country use in their daily lives, just in a new form.
“The digital ruble is essentially the same as cashless payments, except that it will be stored in the user’s wallet on the Bank of Russia’s platform. People have different habits. Some are used to using a card, some an e-wallet, and others a payment service, and so on. The digital ruble is yet another, additional, means of making transfers and payments,” Bakina said.
The digital ruble will differ from the cashless money we’re already used to, first of all, in that a digital ruble account is opened on the Bank of Russia’s platform, where transactions are also processed.
Access to this digital account (also known as a digital wallet) will be provided through standard mobile banking apps.
“Another difference is the fee structure. There will be no fees for citizens; all transactions are free. They will be able to freely manage their money in their digital wallet: there are no limits or restrictions on transfers on the digital ruble platform,” Bakina explained.
She added that minimum fees have been set for businesses compared to the bank fees currently in effect for similar transactions.
When asked whether everything is ready for the launch of the digital ruble on September 1, Bakina replied in the affirmative. “Yes, everything is ready. All 12 systemically important banks—which account for more than 80% of the payment market—are ready to offer their customers the ability to open digital ruble accounts and conduct transactions with them starting September 1,” she said.
Use of the digital ruble will be voluntary
Bakina emphasized that the use of the digital ruble will be voluntary.
“And this is our fundamental position: your money—your choice. Whether to use the digital ruble or not is up to each individual. No one will be able to open a digital account on someone else’s behalf. Nothing will happen automatically,” Bakina emphasized.
Alexander Grif, Chair of the CIS Committee on Digital and Technological Sovereignty and Head of the Laboratory for Cognitive, Digital, and Technological Sovereignty at the Moscow State Institute of Post and Telecommunications (MNIIPU), in turn, explained that the digital ruble is the third form of Russia’s national currency, alongside cash and non-cash money.
“It is issued by the Bank of Russia, and one digital ruble is equal to one ruble. It is not a cryptocurrency, nor is it a separate monetary unit. For citizens, the key point is that participation is voluntary: no one will have an account opened automatically, and salaries, pensions, and social benefits will not be converted into digital rubles without consent,” the expert stated.
The Central Bank Revealed the Color of the Digital Ruble
Bakina reported that the digital ruble in mobile apps will feature a logo in a “dopamine-like” deep red color.
The logo for the new form of Russia’s national currency will be a bright red shade, the head of the regulator’s department clarified.
“It’s a bright red shade; among ourselves, we call this color ‘dopamine,’” Bakina summarized.
The Central Bank is considering the possibility of paying with digital rubles without an internet connection
Alla Bakina reported that the Bank of Russia plans to eventually enable Russians to make payments with digital rubles without an internet connection. Experts are currently seeking a technological solution for this.
“We’ve set ourselves the task of making this possible because we understand how important it is—for both citizens and businesses—that payments can be processed even without an internet connection. But this will come in later stages of the digital ruble’s development,” Bakina commented.
She explained that as early as this fall, certain organizations will be required to accept digital rubles. “These may include supermarket chains, auto service stations, beauty salons, retail stores, and pharmacies,” the expert added. At first, it’s best to check at the register to see if this payment method is accepted.
You’ll be able to add funds to your digital ruble account the same way users currently transfer money between their accounts. “In your bank’s app, select the digital ruble tab, open it, and choose the ‘top up’ option; then select the account at the same bank from which you want to transfer the desired amount. The moment you confirm the transaction, non-cash rubles ‘turn’ into digital rubles; the amount is debited from your bank account, and exactly the same amount is credited to your digital wallet,” the specialist explained.
The digital leu is still in the planning stages
The concept of a digital leu in the Republic of Moldova is currently at the stage of expert discussions and long-term plans for the digitalization of the economy, rather than a means of payment that has been put into circulation.
The idea of creating a digital leu has been raised at the government level (in particular, by Prime Minister Dorin Rechan) as part of a broad national agenda for digitalization and integration into the European economic area.
