Bank of Russia governor says 'everything is ready' for widespread use of digital ruble ahead of September rollout

Russia's banks and major retailers have finished preparing for the broad rollout of the digital ruble, Bank of Russia Governor Elvira Nabiullina said on Wednesday.

According to state-run media TASS, Nabiullina said during a briefing at the Bank of Russia Financial Congress that systemically important banks and large domestic enterprises are technologically prepared to connect with and accept the digital currency.

The central bank governor said they are considering letting commercial banks host digital ruble wallets on their balance sheets, instead of restricting them to the regulator.

"We want the digital ruble to be genuinely in demand by people and businesses, to be convenient," Nabiullina said. "And, of course, we will continue to develop [the project]."

The banks classified as systemically important are expected to begin offering the Russian CBDC to clients starting September 1, according to the report.

Stablecoins in discussion

Nabiullina also revealed that the Bank of Russia is actively discussing the usage of stablecoins for international settlements, but only as a supplement to the digital ruble. The central bank is not considering domestic use of stablecoins as a priority, according to local news outlet Bits Media.

Meanwhile, Russia is developing a comprehensive bill for regulating cryptocurrencies. While the law was initially scheduled to come into effect on July 1, the Russian parliament has reportedly postponed its second and third readings. 

Furthermore, Russian financial news outlet Prime reported Thursday that Russia may place a 48-hour "cooling period" for transfers of cryptocurrencies to accounts involving certain unqualified investors, citing Vladimir Chistyukhin, Bank of Russia's First Deputy Chairman. 

This measure, which is intended to filter out bad actors in the market, will be included in the upcoming crypto law. It will not affect regular crypto trading and brokerage activities, Chistyukhin reportedly said.

Amid crypto-related developments in Russia, the European Union last month proposed a new sanctions package to expand its ban on digital asset platforms that help Moscow evade restrictions.

Ursula von der Leyen, president of the European Commission, said that the proposed package would extend transaction bans to 20 non-EU entities, including banks, crypto platforms, and oil traders that have been servicing sanctioned Russian entities and individuals.