Confusion Reigns as Russia CBDC Launch Is ‘Delayed Indefinitely’

The rollout of Russia’s CBDC, the digital ruble , has been delayed “indefinitely,” media reports have claimed. And some have suggested Moscow’s recent crypto pivot may be behind the Central Bank’s sudden decision.

The Central Bank previously said that its nationwide rollout would take place on July 1, 2025. But in its most recent statements, the bank has announced that the launch will no longer take place as scheduled.

Why Has Russia ‘Indefinitely Delayed’ Its CBDC Launch?

And it has made no mention of a new launch date, leaving media commentators and analysts confused about the bank’s reasoning.

Elvira Nabiullina, the Russian Central Bank Governor. (Source: RBC/Screenshot)

Elvira Nabiullina, the Central Bank Governor, told Russian media outlets that Moscow will now “move on with the mass implementation of the digital ruble somewhat later than originally planned.”

She added that the Central Bank would take a closer look at the results of its ongoing pilot.

And she said that the bank wanted to hold new “consultation” sessions with commercial banks.

Nabiullina further suggested that further talks were needed on the “economic model” that is “most attractive to banks’ clients, businesses, and people [in general].”

These statements appear to suggest that the Central Bank is prepared – at least to some extent – to go back to the drawing board with some aspects of its CBDC.

A Russian Central Bank employee. (Source: Telekanal Afontovo/Dzen/Screenshot)

The Crypto Factor

The Central Bank’s apparent lack of clarity on the matter has left media outlets with no recourse other than to speculate on the reasons for the delay.

One of Russia’s top authorities on CBDCs, Insight Advocates, wrote in a social media post :

“It is […] possible that the delay is due to a change in the Central Bank’s position on the use of cryptocurrencies in international settlements. It is possible that the digital ruble project will resume after inflation stabilizes and tests on new cross-border payment technology are complete.”

The Central Bank has traditionally been vehemently opposed to crypto adoption. Nabiullina has repeatedly called for a total, China-style ban on crypto in Russia .

She has been the nation’s most vocal champion of CBDCs. She claims they will let Russia do business with its international partners, unheeded by Western sanctions.

However, in recent times her voice has been drowned out by Russian pro-crypto advocates. Many people claim that while CBDC-powered trade is a long way off, crypto provides a powerful anti-sanctions solution that many international partners are ready to use.

Reluctantly, Nabiullina has had to soften her stance on crypto, particularly after President Vladimir Putin embraced the crypto mining sector last year.

Trouble at the Central Bank?

In an article from the IT-focused media outlet Comnews , the journalist Ivan Ivanov wrote:

“The launch of the digital ruble has been postponed indefinitely. The head of the Central Bank claims that the reason is the unpreparedness of the infrastructure of medium and small banks. But perhaps this is only half of the truth.”

He added that it was clear that “something has gone wrong.” Ivanov said the “main reason” was likely “the unpreparedness of the infrastructure of banks and businesses.” The journalist added:

“To be honest, commerical banks are not interested in the digital ruble. It requires them – at their own expense – to build and integrate a new system that will not bring them any profits. It […] is profitable and even logical for them to try to delay the process for as long as possible.”

Ivanov added that most people are “still unclear as to why exactly the digital ruble is needed.”

Some of Russia’s biggest banks have previously dragged their feet on digital ruble pilot work. Most notably, the nation’s main banking association has repeatedly called for a delay .

Sberbank, arguably the country’s biggest banking and IT player, was also notable by its absence in the first phase of the pilot, which launched in August 2023.

A woman uses a Sberbank ATM. (Source: Ty Eto Dolzhen Znat/Dzen/Screenshot)

In January this year, the same bank also called for a delay that would see the digital ruble launch in 2026 .

Ivanov, meanwhile, noted that “despite denials,” a “persistent rumor that Nabiullina wants to leave her post” continues to circulate.

Nabiullina has headed the Russian Central Bank since 2013. Prior too this, she served as the nation’s Minister of Economic Development under both Putin and former President Dmitry Medvedev.

She is known to be one of Putin’s closest political allies.

Cross-border USD Alternative?

Official sources have been cagey about the CBDC delay thus far, suggesting that “feedback from partner banks” has “indicated a need for additional technical improvements.”

However, Insight Advocates wrote that the ever-changing “international situation” could be another concern, adding:

“In the context of sanctions pressure and the threat of restrictions from the United States against BRICS nations, the Russian authorities could begin testing cross-border settlements in digital national currencies.”

Currently, only China has the technical capability to carry out cross-border CBDC transactions, Insight Advocates wrote, and “Russia may need more time to develop these capabilities.”