Russia to start using digital Ruble from the next year: Elvira Nabiullina,

Moscow: The Russian Central Bank’s use of the digital Ruble is a priority plan. Elvira Nabiullina, Governor of the Russian Central Bank, indicated that preparations are being made to start using the following year in Russia. Nabiullina said that efforts are being made to increase the use of Mir Banking Cards and digital Ruble even in other countries. Russia is exploring various options for banking transactions given the sanctions imposed by the western countries. Digital Ruble and Mir Banking Cards are a part of the same efforts.

Following the Russian invasion of Ukraine in February, the western countries imposed tough sanctions targeting the Russian economy. The sanctions resulted in a drastic crash in the value of the Russian Ruble. In the first week of March, the Ruble value reached a low of 150 Rubles to a USD. But the Russian currency regained its value to the level before the start of the conflict in one month. A rate of 80 Rubles to a USD was reported in transactions two days ago.

While the Ruble seems to be stabilising, the sanctions imposed by the western countries targeting the Russian economy are still in place. Predictions are being made to have intense effects in the coming times. Russia has started speeding up various plans to reduce the intensity of the possible effects. A few days ago, Russia began a new payment system named ‘HELLO’. After that, efforts have started to speed up the Digital Ruble and Mir Banking Cards.

The work on the Digital Ruble is the highest priority. Russia had rapidly developed the prototype. Currently, it is being tested with various banks. Russia Central Bank Governor Nabiullina said that the preliminary transactions with Digital Ruble would start next year. Nabiullina noted that efforts are being made to increase the acceptance of the Russian Mir Banking Cards by more and more countries.

International card operators Visa and Mastercard have stopped their services in Russia. Therefore, efforts are being made to increase the use of Mir Cards. Russia started this card in the year 2015. Transactions with Mir cards are valid in eight countries, including Turkey, Vietnam, and Russia.