Russia's digital ruble launches on September 1
Starting September 1, Russians will be able to use the digital ruble — a new, state-controlled form of currency alongside cash and bank money — for payments and transfers, though not for loans or deposits.
On September 1, Federal Law No. 248-FZ takes effect in Russia, introducing the digital ruble as a third form of national currency alongside cash and cashless bank funds. All three are meant to hold equal value, but using digital rubles requires opening a special digital wallet on the Central Bank's own platform, accessible through familiar banking apps.
Unlike cryptocurrencies, the digital ruble has a clear issuer — the Bank of Russia — and will not be anonymous, with transaction data available to the Central Bank and the country's financial monitoring agency. The new money can only be used for payments and transfers, not loans or deposits, though it can be used for wages, pensions, or payments to the state such as fines.
The Central Bank says transfers for individuals will be free, while businesses will pay a 0.3% fee — lower than existing payment systems — potentially saving companies over 80 billion rubles annually in fees. However, analysts warn the shift could deepen an already growing liquidity shortage at banks, as funds move out of ordinary accounts into digital wallets; Sber estimates the outflow could reach 4 trillion rubles.
Phased rollout
From September 1, large sellers with prior-year revenue above 120 million rubles must accept digital rubles, with companies including Ozon, Wildberries, MTS, Magnit, and Aeroflot already prepared. Smaller businesses face later deadlines, in 2027 and 2028, while very small sellers and outlets without internet access are exempt.
Critics note the system gives the state greater ability to monitor individual and business transactions, and that funds could theoretically be tagged for restricted use. Central Bank officials have said they have no plans to build such targeting features into the currency.
