MOSCOW, November 1. /TASS/. The ruble supply in the economy will not increase with the introduction of the digital ruble, the Bank of Russia stated in a comment on its official Telegram channel.
"The number of rubles in the economy will not increase or decrease if you convert them into digital. For non-cash ruble holders, only their online banking entries will change: the money will be debited from their bank account and credited to their digital ruble wallet. If you want to convert cash rubles to digital, you must first deposit them into your bank account using your preferred method (at that point, they will become non-cash, and the bills and coins will be deposited in an ATM or bank teller), and then transfer them to your digital wallet on the Bank of Russia platform using the bank's online app," the regulator said, responding to a question about what will happen to rubles that will be converted to digital.
The regulator stressed that while cash rubles are held in ATMs, teller offices, and vaults of commercial banks or the Bank of Russia, they are not used to service customer transactions, meaning they are not used by the economy in any way and are not included in the money supply. "When you withdraw money from an ATM or at a bank teller, the amount in your non-cash bank account decreases proportionally. If we're talking about digital rubles, the amount will first be transferred from your digital wallet to your bank account, and then converted into cash. The total amount of rubles in the economy will remain unchanged during either transaction," the Central Bank explained.
The Russian authorities plan to introduce the digital ruble in addition to cash and non-cash units. It will be equivalent to these units. Each digital ruble will have a unique digital code, and the use of the currency will speed up transfers and increase transparency in the spending of public funds. The widespread introduction of the digital ruble is planned for the fall of 2026.