An expert listed the advantages of the digital ruble

The digital ruble allows for instant transactions without the need for physical money transfers or the delays associated with bank transfers. For citizens, transactions with this form of currency can be similar to using e-wallets, payment or mobile applications. Evgeny Shatov, a partner at Capital Lab, told Izvestia on November 25.

"The wallet can be accessed through any bank where the client is serviced. For offline transactions, users will be able to pre-reserve a certain amount of digital rubles in their e-wallet, just as they now take cash with them when traveling to places where payment cards may not be accepted. And online transactions can be made similarly to cashless payments. In the future, the possibility of their use without access to the Internet will be realized," he reminded.

According to the expert, the Central Bank (CB) indicates that the digital ruble will help to speed up, simplify and make safer settlements. The development of digital payments and equal access to the digital ruble for all economic agents will lead to a reduction in the cost of payment services, money transfers and increased competition among financial organizations. This will stimulate innovation in both retail payments and other areas and support the development of the digital economy.

"Reducing users' dependence on individual providers will increase the resilience of the country's financial system. The digital ruble is a commitment of the Central Bank, is realized through digital technologies and has nothing to do with cryptocurrencies, the sustainability of the digital ruble is ensured by the state represented by the Central Bank," Shatov explained.

The main advantage of the digital ruble, the expert called the facilitation of the fight against the illegal circulation of funds, as all information on transactions will be stored in the Bank of Russia, and to track them it will no longer be necessary to contact each bank - a link in the chain of transfers.

"The Ministry of Finance also considers the digital ruble a promising instrument due to its transparency. The digital ruble can become a new convenient additional means of settlement for both buyers and sellers in remote, sparsely populated and hard-to-reach areas where access to financial infrastructure is limited. Thanks to the digital ruble, the coverage of the population with financial services will increase and become more accessible, which will ultimately improve the quality of life of people," Shatov said.

He added that the national digital currency will also limit the risk of redistribution of funds into foreign digital currencies (cryptocurrencies), contributing to macroeconomic and financial stability. In addition, transactions with the digital ruble will be subject to unified tariffs, which will reduce the cost of conducting them.

In October, Central Bank head Elvira Nabiullina said in response to a question from Izvestia that systemically important banks that do not join the digital ruble pilot project will be fined. The Chairman of the regulator said that the first stage of mass application of the digital ruble will begin on July 1, 2025. Provision of services with the new form of Russian currency will be mandatory for all banks, while clients will be able to use the digital ruble at will.