Russia's central bank digital currency (CBDC), the digital ruble, drew more than 220,000 accounts in its first month, nearly four times the central bank's own forecast. The rollout lands as BRICS nations explore linking their digital currencies for cross-border payments, while CBDCs remain barred in the United States through 2030.
Accounts far outpace the central bank's forecast
Russians opened more than 220,000 digital ruble accounts in the month after the currency's Sept. 1 launch. As Reuters reported Tuesday, Russian central bank Deputy Governor Zulfiya Kakhrumanova said the figure far exceeded the roughly 60,000 accounts officials had expected. The gap gives an early test of whether a CBDC can move past pilot programs and reach real-world adoption.
Russia accelerated development of the digital ruble after Western sanctions imposed over the war in Ukraine cut the country off from parts of the global financial system and complicated payments with major trading partners, including China and India. The digital ruble's rollout therefore follows those same sanctions pressures on the banking system.
BRICS eyes linked digital currencies
The launch coincides with a wider BRICS push. The bloc of major emerging economies, which includes Russia, China and India, is exploring ways to link members' CBDCs for cross-border payments. Separate reporting from Reuters suggested CBDCs were a key topic at the 18th BRICS Summit in New Delhi last month, where leaders backed expanding local currency trade settlement and linking members' digital currencies.
Yet CBDCs have drawn controversy over concerns about government surveillance and centralized control of money. In the United States, a major housing law enacted earlier this year barred the Federal Reserve from issuing or creating a CBDC through the end of 2030.
Source: Cointelegraph.com News
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