Russia has announced that it will postpone the launch of the digital ruble until at least 2026, after it was originally scheduled to launch on July 1, 2025.
According to the Central Bank of Russia, the main reason for the postponement is that the infrastructure for the digital ruble is not ready and that major banks only recently joined the program and did not have enough time to test key operations.
The Central Bank has conducted extensive advertising campaigns to promote the introduction of the digital ruble, but it has faced a number of obstacles.
Social media in the country has witnessed widespread discussions about the digital ruble, with most of them calling for the rejection of the use of this currency and for the Central Bank to abandon it.
Among the most contentious topics in these discussions are concerns about the potential for forced introduction of the digital ruble and other security concerns.
In this context, in August 2024, the Russian Public Opinion Research Center presented the results of a survey on citizens’ attitudes toward the widespread introduction of the digital ruble.
It showed little change in the level of awareness and willingness to test the new product, while the number of people willing to learn the nuances of using the new currency declined.
Fraud operations
According to the survey, only 17% of Russians were able to name the advantages of the digital ruble compared to traditional forms of money (cash and non-cash), another 52% found it difficult to answer, and 31% said there were no advantages.
Regarding the new currency’s shortcomings, 33% were able to provide an answer, 61% found it difficult to name the digital ruble’s weaknesses, and 6% saw no weaknesses.
Experts point out that the poor understanding of the details of how the new type of money works is evident not only in the low percentage of objective responses but also in the conflicting arguments for and against the digital ruble, which, according to them, prompted the Central Bank to postpone the project.
In addition, the first cases of digital ruble-related fraud against users were recorded at the beginning of this year. These methods included phishing websites offering savings and consulting services on the digital ruble, spam emails offering to buy it at a bargain price, and phone scams offering to transfer savings to a secure digital account.
Attackers use the digital ruble as bait, offering the target the opportunity to earn easy money by visiting a fake page that claims many people have already received large profits under the program.
To get free access to this program, a person is required to enter their first name, last name, email address, and a valid phone number on the page, and after clicking the “Get free access” button, the person authorizes the processing of information about them.
If he agrees to become a new user of the digital ruble and leaves his details, fraudsters can freely access and control his banking information, compromising his payment data.
Fraudsters are also developing other methods involving the new form of currency, such as contacting people and offering to exchange all cash and non-cash funds for digital rubles by transferring savings to a secure digital account.
Counter-propaganda
The refusal of a large segment of citizens to use the digital ruble stems from their fear that the transition to it would be forced.
A counter-campaign has promoted these concerns, even though the Central Bank previously confirmed that opening a digital wallet would be independent and voluntary, and would not be mandatory or automatic under any circumstances.
With the introduction of the digital ruble, the types of fraud and scams associated with it will increase, further discouraging citizens from using it.
Some argue that cybersecurity professionals should focus specifically on hacker groups that have long specialized in stealing digital assets and cryptocurrencies.
No urgent need
For his part, economic analyst Andrei Zaitsev says the central bank’s decision is logical, especially since it likely took into account that demand for the digital ruble and its true value remain uncertain.
Speaking to Aljazeera, he continued, saying that the high cost of developing the digital ruble and the need to ensure its information security are other factors slowing down implementation. He added that citizens’ need for it remains unclear, and that using the digital currency may be too complex for certain groups of the population.
Adding to these factors is the erosion of confidence in the central bank and the decline in demand for this form of money among the population. Furthermore, the Bank for International Settlements has repeatedly spoken out against programmable money, considering it a threat to financial stability.
According to him, the Central Bank’s decision is not only related to the need to complete improvements to the new system, but also to the lack of an urgent need for it.
There are no critical reasons to launch the digital ruble now, and its implementation would create potentially severe problems, such as the impact of the digital ruble on bank liquidity, particularly for smaller lending institutions.
He concludes that if there is no significant demand for the use of this currency, the central bank’s expenditures may not fully cover itself.
Also, its transformation (the bank) into an issuer of digital currency may provide it with the ability to compete strongly with market offerings of financial services.
