BRICS: Russia Preparing to Launch Digital Ruble in 2025?

Joshua Ramos
Russia to Roll Out Digital Ruble (CBDC) Pilot in April
Source: Reuters

With the BRICS Summit likely involving talks of an alternative currency, Russia is reportedly preparing for a full-scale launch of its digital Ruble in 2025. Indeed, the BRICS country is expected to have its central bank digital currency (CBDC) project continue progressing at a fairly rapid rate.

The Central Bank of the Russian Federation (CBR) first began work on the project in 2020. Moreover, a bill to define its regulatory standard was passed just two years later. Now, the CBR’s first Deputy Governor, Olga Skorobogatova, is expecting the currency to launch in the next four years.

Source: CNN

Also Read: Russia Makes Huge Announcement on BRICS Currency

Russia to Launch Digital Ruble PRoject BEtween 2025-2027

The upcoming BRICS summit is set to be a monumental gathering of the economic alliance. Not only will the collective seek to implement expansionary guidelines, but it will also continue discussions on its currency alternative. Yet, as a gold-backed BRICS trade currency has continued to be discussed, the pushing of local currencies remains its focus.

In addition to that, the BRICS member country, Russia, has announced that its digital ruble project is expected to launch between 2025-2027. Indeed, the CBDC project has showcased an optimistic timeline for the CBR’s digital asset project.

Source: The Cryptonomist

The Central Bank had initially shown interest in a digital Ruble project as early as 2017. Thereafter, the CBR had already implemented introduction plans for the digital asset across all banks within the country by 2024. Now, they are expecting a public launch of the asset to arrive within four years.

Also Read: Russia and China Conduct 80% of Commercial Transactions in the Ruble and Yuan

On July 6th, Skorobogatova said that citizens would be able to use and receive digital rubles “on the horizon of 2025–2027.” Moreover, this kind of development adds to the overall economic action of the BRICS bloc. Specifically, they maintain a focus on both alternative and local currencies.

Many have stated that digital assets could become a viable alternative for the economic alliance. Now, Russia’s focus on its CBDC project could showcase a willingness to adopt the technology for its various alternative currency projects. However, these discussions set to take place at the upcoming summit will be interesting in shaping that trajectory.