Bank of Russia Emphasizes the Coexistence of Digital Ruble and Traditional Payments

The Central Bank of Russia anticipates that the introduction of the digital ruble will not diminish the popularity of existing non-cash and cash payment methods.

Alla Bakina, the director of the bank’s national payment system department, emphasized that non-cash payment methods already account for over 80% of all payment transactions in Russia. She highlighted that the digital ruble’s goal is to provide additional payment choices to the public, promoting healthy competition among various payment instruments, including cash, cards, bank accounts, digital accounts, mobile apps, and payment services.

Bakina acknowledged the ongoing relevance of cash for some individuals and certain situations that require it. This perspective aligns with previous statements from Bank of Russia officials, emphasizing the importance of preserving diverse payment options to meet individual preferences. The digital ruble is currently undergoing pilot testing, involving 13 participating banks, with plans for expansion in the coming years.

Clever Robot News Desk 24^th October 2023