Russia leads in modernizing payment infrastructure with the digital ruble, coexisting with traditional cash.
The Bank of Russia is contemplating 2025 to be the year when the digital ruble, the local central bank digital currency , may see widespread adoption in the country. This move indicates the central bank’s strategic approach to modernizing the payment landscape in the nation.that the digital ruble is viewed as an additional payment method alongside existing options like the Faster Payments System, Mir payment cards, QR code/NFC payments, biometrics-based payments, and cash.
, implemented in 2014 as a state-controlled card payment system to mitigate concerns about potential US and European sanctions.will coexist with physical cash and is not intended to replace it. However, China, considered a strong ally of Russia, has already initiated payments to civil servants in Changshu using the digital yuan to promote the adoption of the state-controlled currency.their payment systems, enabling Russians to use the digital ruble for overseas transactions.
In contrast, Russian lawmakers passed a law in the previous year permitting banks and state agencies to collect biometric data from their clients, including facial scans and fingerprints. This initiative led to the development of the Unified Biometric System , intended to serve as a national digital remote identification platform utilized by the Kremlin and banks.
Unfortunately, these two separate projects have become intertwined in the eyes of some observers, leading to an increase in digital ruble and biometrics-related . Reports indicated that fraudsters contacted individuals in various regions, urging them to provide biometric data to convert their cash ruble savings into CBDC tokens.
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