Russia Unveils Digital Rouble Payments System Amid Cryptocurrency Ban
Russia is launching its digital rouble payments system on September 1, expanding the use of state-controlled central bank digital currency. Despite allowing cryptocurrency investment and trading, Russia has maintained a ban on directly paying for goods or services in cryptocurrencies.
The initial rollout will be led by the telecom industry, with three of Russia's four biggest mobile operators - MTS, Rostelecom, and Megafon - accepting digital rouble payments from the first day. E-commerce platforms Wildberries and Ozon, Russia's two largest online marketplaces, will also support digital rouble payments.
The Central Bank of Russia is pushing a plan to cap monthly top-ups by bank at 300,000 roubles (about $4.9 million), with banks required to provide support from the launch. All 12 systemically important banks, including Sber and VTB, must support the digital rouble.
User acceptance remains low, with an online survey showing 51% of respondents had no intention of trying the digital rouble, while 35% said they were willing to use it.