By The European Times | Created at 2026-08-31 10:32:01 | Updated at 2026-09-26 17:42:21
3 weeks ago
Russia launches the digital ruble on September 1, which will allow major domestic banks and retail chains to process payments and transfers using the new form of the national currency
Individuals will be able to open digital ruble accounts through participating banks’ mobile apps and transfer up to 300,000 rubles (nearly $3,500) per month from their traditional bank accounts to digital rubles, while businesses will not be subject to such a limit.
The digital ruble will be Russia’s third form of national currency alongside cash and bank accounts and will have the same value as other forms of the ruble, Anadolu Agency reported.
Unlike cryptocurrencies, the digital ruble is issued and guaranteed by the Russian Central Bank.
The central bank is also working to integrate the digital ruble with digital currency systems operated by other central banks to reduce dependence on intermediaries, lower transaction costs, and limit sanctions risks in international payments. The EU banned transactions related to the digital ruble as part of the 20th package of sanctions adopted on April 23.
Illustrative photo: pexels-polina-tankilevitch-6927393
