Starting Sept. 1, all 12 systemically important banks must
process digital ruble transactions, and major retailers will also accept the
currency as payment. “Technologically, everything is ready. We did a great deal
of preparatory work before this stage,” Nabiullina said.
It is unclear which other banks will work with the digital
ruble. The Central Bank unexpectedly withheld the list of banks participating
in the digital ruble platform.
The digital ruble will allow authorities to see the full
history of transactions, giving them the ability to monitor the intended use of
budget funds. Public-sector employees may choose to receive salaries in digital
rubles, but the Central Bank and Finance Ministry have promised not to force it
on them.
Most Russians show little interest in using the digital
ruble. They do not understand why they need a third form of money in addition
to cash and cashless payments. The digital ruble remains a “poorly understood
abstract category” for most people, a VTsIOM poll showed. According to a
SuperJob survey, only one in 10 economically active Russians is ready to
receive all their pay in digital rubles, while another 5% would agree to
receive part of their income that way.
Demand for cash is now rising in Russia because of internet
shutdowns and statements about the possible freezing of bank deposits. While
developing the digital ruble, the Central Bank had envisioned that it could
also be used offline, but that feature has not yet been implemented.
Still, the Central Bank is planning the digital ruble’s
further development. At first, only the Central Bank will open wallets, but
Nabiullina said officials are discussing whether banks could also do so. “The
project is moving forward. We want the digital ruble to be genuinely in demand
among people and businesses, and to be convenient ... We see great potential in
the use of smart contracts for business,” Nabiullina said.
The Central Bank is preparing to introduce payments in
digital rubles. It will pay banks a commission for processing salary payments
in digital rubles: 67 kopecks for each completed instruction, but no less than
10 rubles for payments to all employees.
Earlier reports said Russia would begin paying salaries in
digital rubles. Ukraine’s HUR military intelligence agency said the move was
designed to tighten state control.