The digital ruble recorded 87,000 account openings in ten days after its national rollout on September 1. More than 50,000 transactions were also carried out, according to Elvira Nabiullina, governor of the Bank of Russia. That’s about 8,700 new accounts per day. The project is now alongside the Russian crypto market, even if it is not a cryptocurrency: the digital ruble is issued directly by the central bank.
In brief
- Russia opened 87,000 new digital ruble accounts in ten days.
- More than 50,000 transactions have already been made since the national launch.
- Individuals remain free to use or not this digital currency.
Crypto: 87,000 accounts open, but many are still testing
The launch was expected. As early as July, Tremplin.io announced that Russia would deploy its digital ruble on a large scale on September 1. The first assessment comes quickly. Nabioullina speaks of 87,000 accounts opened in ten days. She also recognizes that some users are simply trying the service to see how it works. In other words, the figure mainly measures curiosity and first registrations. Not yet installed for daily use.
More than 50,000 transactions were carried out over the same period. Some banks encountered difficulties when opening accounts or carrying out certain operations. The Bank of Russia says they were resolved quickly and no significant wave of complaints were recorded.
The regulator is now working on something very concrete: reducing the number of clicks needed to open an account or make a payment.
The digital ruble works other than a crypto wallet. The account is opened on the Bank of Russia platform, then accessible from the application of a connected bank. An individual can only have one such account. There is also a funding limit: 300,000 rubles per month for an individual when transferring money from their bank accounts to their digital wallet.
Big Russian banks no longer have a choice
For individuals, use remains voluntary. Nabioullina insists on this point. No one automatically receives a digital ruble wallet. Those who don’t want it have nothing to do.
For the big banks, the timetable is different. Since September 1, major Russian establishments must allow their customers to open an account, transfer digital rubles and pay with this new form of currency. Affected large merchants must also accept these payments.
Companies with an annual turnover exceeding 120 million rubles are the first to be affected. Banks with a universal license will follow in September 2027. The rest of the system must be gradually integrated until 2028.
Russia therefore already had a much larger infrastructure on launch day than during the pilot phase that began in 2023. This still does not transform the digital ruble into crypto.
A bitcoin circulates on a decentralized network. The digital ruble remains a claim on the Russian central bank. A liquid ruble, a bank ruble and a digital ruble have exactly the same value: 1 ruble remains 1 ruble.
Moscow also follows different rules for private cryptocurrencies. In August, Vladimir Putin signed the new Russian law governing crypto transactions. Bitcoin and other digital assets can be purchased and traded within the framework provided, but they do not become the national currency.
Russia is also moving forward on Bitcoin, Ether and USDT
The digital ruble is only part of the job. The Bank of Russia is also opening more doors to the crypto sector. Bitcoin, Ether and USDT are already among the assets that Moscow is considering integrating more widely into its new regulated framework.
Sber even wants to use these three cryptos as collateral for certain loans. The contrast is quite clear. On the one hand, a CBDC totally controlled by the Bank of Russia. On the other, a crypto market that the authorities authorize more, but under surveillance. The 87,000 accounts so far show that the launch of the digital ruble has not gone unnoticed. They don’t yet say how many Russians will actually use it each week. Even Nabioullina remains cautious: many came to test the new tool. The next interesting data will therefore be less the number of accounts opened than the number of transactions which will continue once the novelty effect has passed.
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