The early adoption of Russia’s central bank digital currency—the digital ruble—far exceeded forecasts: more than 220,000 accounts were opened in the first month. This was the first test of whether CBDCs can move beyond pilot programs and achieve real-world adoption.
Russian Central Bank Deputy Chair Zulfiya Kakhrumanova said on Tuesday, according to Reuters, that the figure significantly exceeded the roughly 60,000 accounts officials had expected following the CBDC’s launch on September 1.
The launch of the digital ruble comes as BRICS—a grouping of major emerging economies that includes Russia, China and India—is exploring ways to link its members’ CBDCs for cross-border payments. Reuters reported that Russia accelerated development of the digital ruble after Western sanctions imposed over the war in Ukraine cut the country off from parts of the global financial system and complicated payments with major trading partners, including China and India.
A separate Reuters report suggested that CBDCs were one of the key topics at the 18th BRICS summit in New Delhi, India, last month. At the summit, leaders backed efforts to expand settlements in local currencies and link members’ CBDCs for cross-border payments.
CBDCs have sparked controversy over concerns about government surveillance and centralized control of money. In the United States, a provision in a major housing bill passed earlier this year prohibits the Federal Reserve from issuing or creating a CBDC until the end of 2030.