Russia is among a handful of countries — including China, South Korea and Sweden — to take a decisive step towards establishing a central bank digital currency (CBDC). The Central Bank of Russia (CBR) plans to begin its digital rouble pilot at the start of 2022, which it hopes will boost competitiveness in the domestic economy through lowering transaction costs and digitalising payment services.
The planned digital rouble will be available to both consumers and businesses, who will store the currency in digital wallets available through the apps of domestic financial institutions.