- The Russian Central Bank needs extra time until mid-2026 to start its digital currency program since moving from Oracle will be hard.
- Though encountering problems the digital ruble project remains effective as it gains more users from the public and companies.
- The Bank of Russia demands further development time because the digital ruble project faces essential technical and security problems.
According to Frank Media, the Bank of Russia may push back the full digital ruble CBDC launch to summer 2026 because its banking clients need more time to switch from their foreign software platforms.
The Bank of Russia set July 2024 as the first target for distributing digital ruble currency throughout the country. Following the announcement this year, the central bank president, Elvira Nabiullina, did not disclose the new launch date or the reasons for the postponement.
Sources near the situation explain that Russian banks face substantial difficulties when moving away from their existing Oracle database software solutions. Banks need these systems to handle and store their entire data collection efficiently. The long-running sanctions have made it difficult for banks to find new software systems to replace their international providers. Migrating Russian banks from Oracle-based systems to new solutions creates major challenges that make full CBDC launch delays unavoidable.
Bank of Russia Delays CBDC Launch
People worry about how well the digital ruble security works during power interruptions. The banking executive worries about digital ruble issues but remains anonymous.
Recent sources show that the digital ruble pilot continues moving forward without delays. In an April 2023 speech at the economic forum, a Russian central bank official reported the platform operates as expected with no severe problems detected. During the pilot phase, the program gained significant participation; the digital ruble platform now serves 2000 individual customers and 50 businesses compared to those starting amounts of 500 individuals and 30 businesses.
The digital ruble advances Russian financial operations while competing with cryptocurrencies and improving transaction mechanics. The Bank of Russia requires more time to fix technical and operational difficulties before launching the CBDC.
Russia starts the digital ruble project because this move helps protect the country’s economy from overseas financial limitations and puts Russia in charge of its financial systems. The project will succeed only after solving all technical and security problems the test period discovered.