Crypto: 12 Major Russian Banks Now Move to the Digital Ruble

The digital ruble recorded 87,000 account openings in ten days after its nationwide rollout on September 1. Over 50,000 transactions have also been made, according to Elvira Nabiullina, governor of the Bank of Russia. This represents about 8,700 new accounts per day. The project now coexists with the Russian crypto market, even though it is not a cryptocurrency: the digital ruble is issued directly by the central bank.

Crypto: 87,000 Accounts Opened, But Many Still Testing

The launch was expected. Since July, Cointribune announced that Russia would deploy its digital ruble on a large scale starting September 1. The first results came quickly. Nabiullina speaks of 87,000 accounts opened in ten days. She also acknowledges that some users are simply trying the service to see how it works. In other words, the number mostly measures curiosity and initial registrations. Not yet everyday usage established.

More than 50,000 transactions were conducted during the same period. Some banks encountered difficulties when opening accounts or performing certain operations. The Bank of Russia states that these issues were resolved quickly and that no significant wave of complaints was recorded.

The regulator is now working on something very concrete: reducing the number of clicks required to open an account or make a payment.

The digital ruble works differently from a crypto wallet. The account is opened on the Bank of Russia’s platform, then accessible from a connected bank’s application. An individual can only have one account of this type. There is also a feeding limit: 300,000 rubles per month for an individual when transferring money from their bank accounts to their digital wallet.

Major Russian Banks Have No Choice Anymore

For individuals, usage remains voluntary. Nabiullina emphasizes this point. No one automatically receives a digital ruble wallet. Those who do not want it do not need to do anything.

For the major banks, the timetable is different. Since September 1, the main Russian institutions must allow their clients to open accounts, transfer digital rubles, and pay with this new form of currency. Large merchants concerned must also accept these payments.

Companies with an annual turnover exceeding 120 million rubles are the first concerned. Banks with a universal license will follow in September 2027. The rest of the system should be gradually integrated by 2028.

Russia thus already had a much larger infrastructure on launch day than during the pilot phase started in 2023. This still does not turn the digital ruble into crypto.

A bitcoin circulates on a decentralized network. The digital ruble remains a claim on the Russian central bank. A cash ruble, a bank ruble, and a digital ruble have exactly the same value: 1 ruble remains 1 ruble.

Moscow follows different rules for private cryptocurrencies. In August, Vladimir Putin signed the new Russian law regulating crypto transactions. Bitcoin and other digital assets can be bought and exchanged within the provided framework, but they do not become the national currency.

Russia Also Advances on Bitcoin, Ether and USDT

The digital ruble is only part of the project. The Bank of Russia is simultaneously opening more doors to the crypto sector. Bitcoin, Ether, and USDT are already among the assets Moscow plans to integrate more broadly into its new regulated framework.

Sberbank even wants to use these three cryptos as collateral for certain loans. The contrast is quite clear. On one side, a CBDC fully controlled by the Bank of Russia. On the other, a crypto market that authorities authorize more, but under surveillance. The 87,000 accounts so far show that the digital ruble launch did not go unnoticed. They do not yet say how many Russians will actually use it weekly. Even Nabiullina remains cautious: many came to test the new tool. The next interesting data will thus be less the number of accounts opened than the number of transactions that continue once the novelty effect has passed.