Bank of Russia: digital ruble is backed by the regulator, not commercial banks
- —Digital rubles are held on the central bank's platform under a direct contract with the regulator
- —220,000 wallets opened in the first month versus a 60,000 target through year-end
- —Merchant fees for digital ruble payments are about 0.3% versus 1–3% for cards
- —The State Duma passed a first reading of a bill on FX operations with the digital ruble
Why it matters: The digital ruble's expansion strengthens the central bank's role in payments and creates an alternative to bank deposits and stablecoins.
Source: BeInCrypto RU
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