Russia is moving forward with plans to launch the digital ruble on September 1, 2026. However, surveys indicate that many citizens are reluctant to embrace the new currency.
Digital Ruble is Not a Cryptocurrency
The digital ruble will be a digital version of Russia's currency, created and controlled by the Central Bank of Russia. Unlike cryptocurrencies like Bitcoin, it will not be decentralized. The central bank will monitor every transaction, and the government will oversee its use.
Public Skepticism Towards Digital Ruble
A recent government-backed survey revealed that over half of Russians are not ready to adopt the digital ruble. 51% stated they would not use it, while only 35% indicated they might consider it. Major concerns include data privacy and fear of government surveillance, with only 12% trusting that their personal information would remain secure.
Delays and Future Plans
The launch of the digital ruble was initially planned for July 2025 but faced delays due to concerns from major banks and business owners regarding costs and technical issues. The new law mandates large businesses to accept digital ruble payments starting in 2026, with mid-sized companies required to comply by 2027 and small businesses by 2028. Additionally, a universal QR code payment system will be introduced for easier digital payments.
Despite widespread concerns and public skepticism, Russia is advancing toward the implementation of the digital ruble, which suggests significant changes in the country's payment system.
