Russian Central Bank Registers 220,000 Digital Wallets

A month after the introduction of the digital ruble, the Central Bank of the Russian Federation reported over 220,000 established wallets, which is four times higher than expected. The digital currency aims to reduce payment costs and accelerate transfers for customers and businesses. In response to Western sanctions, Russia seeks to create an independent financial tool to support trade with key partners such as China and India. The digital ruble differs from traditional money as it is a direct liability of the central bank. Authorities plan to gradually implement the digital currency in the public sector, starting with salary payments for budget employees. The program is intended to be voluntary; however, the state aims to promote the new solution and introduce mandatory acceptance of the digital ruble by retail networks and banks by September next year.

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