In recent years, the digitalisation of financial instruments has become an important trend for many countries, including Russia. In this context, the digital rouble being developed by the Bank of Russia represents a key element in the transformation of the country’s financial system.

Current achievements

At the moment, PCR-Connect successfully supports all active scenarios of interaction with the digital ruble platform version 2025.01. This indicates a high level of readiness of the infrastructure for further implementation of new functions and capabilities.

One of the significant aspects is the planned launch of tests for benefit payments and capital construction financing in the digital rouble by autumn this year. This will not only simplify the payment process, but also increase transparency and efficiency in the use of budget funds.

At FINOPOLIS-2024, VTB demonstrated a prototype that allows student scholarships to be credited and fines to be paid in digital roubles. This emphasises banks’ readiness to serve “social” tasks, making the digital rouble more accessible and convenient for the population.

Further steps

Work on the digital rouble project is actively continuing. The regulator, banks and solution vendors are working together to improve the platform. Participants are undergoing interaction tests (TIVs) and improving their systems to be ready for the real use of the new currency.

Our team is also actively involved in preparing the market for the introduction of the digital rouble. We see that our bank partners are already ready to work with the new currency and are responding quickly to changes and requests from the market and the regulator.

It is important to note, as the Bank of Russia has indicated, that the decision to scale up the digital ruble will be based on the results of the pilot project and feedback from participants. Receiving feedback from all stakeholders is critical for the successful integration of the digital rouble in the financial market. This will ensure a smooth implementation of the new national currency, as well as take into account the needs and expectations of users.

Thus, the digital ruble opens up new opportunities to improve financial services in the country, making them more accessible and efficient for citizens.