The Central Bank of Russia anticipates that the digital ruble’s introduction will not diminish the popularity of existing non-cash and cash payment alternatives. Alla Bakina, the director of the national payment system department, highlights the dominance of non-cash payments in Russia.
The Central Bank of Russia has asserted that the introduction of the digital ruble will not displace other non-cash and cash payment options. Alla Bakina, the director of the bank’s national payment system department, stated in a recent webinar that non-cash payment methods, distinct from the digital ruble, constitute a substantial portion of total payment transactions in Russia, surpassing 80%.
Bakina emphasized that the digital ruble is not expected to replace existing payment choices. Instead, it is aimed at expanding the range of payment options available to the public. She underlined the importance of fostering competition among various instruments, including cash, cards, bank accounts, digital accounts, mobile apps, and payment services.
This move comes as the Bank of Russia continues to explore the development of a central bank digital currency (CBDC), the digital ruble, while recognizing the value of maintaining a diverse payment ecosystem to meet the varying needs of the public.