Russia's Central Bank said Thursday that all preparations have been completed for the nationwide rollout of the digital ruble on Sept. 1, as authorities move ahead with a flagship payments project that has so far failed to generate significant public interest.
Beginning Sept. 1, all 12 of Russia's systemically important banks will be required to support digital ruble transactions, while large retailers will also have to accept payments in the new currency, Central Bank Governor Elvira Nabiullina said.
"Technologically, everything is ready. We have carried out extensive preparatory work for this stage," Nabiullina said, according to the state-run TASS news agency.
The Central Bank unexpectedly removed from its website the list of banks participating in the digital ruble platform, making it unclear which institutions beyond the 12 systemically important lenders are currently connected to the system.
Unlike cash or conventional bank deposits, digital rubles are issued directly by the Central Bank and held in digital wallets on its platform. Authorities have said the system will make it possible to trace the full history of transactions, allowing tighter oversight of how budget funds are spent.
