The Bank of Russia has sanctioned a policy permitting banks to temporarily suspend digital ruble transactions if fraudulent activity is suspected. This regulation, effective February 23, 2025, intends to safeguard individuals and organizations from potential scams. Under the rule, banks can temporarily halt transactions for up to two days if they detect fraud indicators.
The central bank has advised that when a suspicious transaction is identified, the bank will notify the customer. The customer then has 24 hours to either confirm or reject the transaction. If the customer does not respond, the digital rubles will remain in their digital wallet. These procedures align with measures already in place for conventional payment systems.
Russia has been testing its central bank digital currency (CBDC) since August 2023, with plans for full-scale implementation by mid-2025 if initial trials succeed. Governor Elvira Nabiullina has indicated that while the digital ruble is anticipated to be widely adopted, the transition may take several years. The central bank has reassured citizens that the digital ruble will complement, not replace, existing cash and non-cash rubles.
Meanwhile, Russia continues to observe the progress of China, which has initiated paying some civil servants with its digital yuan to promote the CBDC’s adoption.
