The Ministry of Finance and the Central Bank will conduct a pilot of the digital ruble in certain types of budget expenditures

The Ministry of Finance and the Bank of Russia will conduct a pilot in 2024 on the use of the digital ruble in certain types of budget expenditures, Russian Finance Minister Anton Siluanov said. He clarified that the corresponding agreement was reached on November 17 during a meeting with the head of the regulator Elvira Nabiullina.

“Literally last week, on Friday, we met with Elvira Sakhipzadovna on the issue of using the digital ruble in the budget process. And we agreed that starting next year we will conduct a pilot on certain expenses, where we will use the digital ruble,” said Mr. Siluanov during a speech in the Federation Council (quote from TASS).

Mr. Siluanov emphasized that the digital ruble is important not only for transfers and settlements, where its use guarantees almost zero commissions, but also for use in industries where it is necessary to ensure the targeted use of funds. “These include certain social benefits for citizens, certain subsidies that are allocated for the purchase or provision of certain services,” explained the head of the Ministry of Finance (quoted from “Interfax”).

The Bank of Russia began work on creating a digital ruble in 2021. The main provisions of the law establishing the legal norms for the introduction of a digital ruble in Russia came into force on August 1. At the same time, piloting of the digital ruble began in real transactions for individuals and legal entities. Operations until 2025 will take place in test mode.

Read more about how banks estimate the costs of introducing a new form of national currency in the Kommersant FM article. “The digital ruble costs a pretty penny”.

Milena Kostereva