In Moscow, the first transaction using digital rubles has taken place with approval from the Central Bank of Russia, marking a new phase in the introduction of digital currency in the country.
Real Estate Deal Using Digital Rubles
The purchase of an apartment in the Novoe Ochakovo housing complex was conducted using digital rubles through VTB Bank. A client of VTB acquired the property, paying for it in the digital currency issued by the Central Bank of Russia. Both parties received prior approval from the financial regulator and opened accounts on the digital ruble platform.
Plans for Digital Ruble Implementation
The Bank of Russia began testing the digital ruble in August 2023, when Deputy Governor Olga Skorobogatova announced the pilot project. Full-scale adoption of the CBDC is expected to start in September 2026. The previously scheduled full launch in 2025 has been postponed, as businesses are not yet ready for widespread use of digital rubles.
Economic Potential of Digital Ruble
According to estimates from the National Rating Agency, the widespread use of digital rubles could add up to 260 billion rubles (about $3.3 billion) to the Russian economy by 2031. The economic impact for Russian businesses is expected to amount to between 30 and 50 billion rubles per year.
The first transaction involving digital rubles in real estate highlights Russia's commitment to modern financial technologies and will significantly reshape market relations moving forward.
