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The Russian government is reportedly keen on issuing digital ruble welfare payments, but experts believe significant adoption barriers could still hinder Moscow’s CBDC launch.
The report was published by Rossiyskaya Gazeta. The newspaper claims that the Central Bank of Russia, the Federal Ministry of Finance and the Ministry of Finance are “discussing” the use of “digital ruble for social payments.”
Digital ruble welfare – pilot to begin in August?
This follows reports from Russia that the three institutions “successfully” tested the digital ruble in a “budget operation” conducted secretly “in late 2024.”
The bank has pledged to launch a CBDC sometime this year, despite opposition from the country’s commercial banking sector.
The ministry is believed to be particularly keen on using CBDC for welfare payments. The ministry believes the move could help reduce welfare fraud and improve efficiency.
February 12, 2025
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