Russia’s digital ruble has reached 270,000 accounts since its September 1 nationwide launch, Central Bank of Russia Governor Elvira Nabiullina said at a press conference following a monetary policy board meeting.
Nabiullina said interest in the central bank digital currency was stronger than expected and that the bank is monitoring adoption and planning new services to encourage use.
Businesses lead early adoption
Of the 270,000 accounts, 15,000 were opened by legal entities and the rest by individual entrepreneurs, according to Nabiullina. She said small and medium-sized businesses and individual entrepreneurs are showing significant interest in what the digital ruble can offer them.
The digital ruble launched nationwide after a pilot program that lasted more than three years. Nabiullina said 87,000 users had opened accounts by September 11, indicating account numbers rose significantly in the two months after launch.
Subscription and offline payments
Nabiullina said the central bank is consulting banks and businesses on developing services for the digital ruble platform. Toward the end of November, it plans to launch a subscription service, which she said many expect to be in demand. Next year, the bank plans to test offline payments and launch several services for businesses.
Payroll and ATM access
National institutions are already integrating digital ruble payroll services. The Ministry of Finance announced it is allowing its employees to collect wages in digital ruble and said the option is available to all Russian citizens.
Anatoly Aksakov, head of the State Duma Committee on the Financial Market, said the digital ruble network could connect to fiat banking systems to allow direct ATM withdrawals, which would facilitate use of the digital currency and encourage broader adoption.
