Central Bank of Russia to consider possibility of accruing interest on digital ruble accounts - deputy governor
MOSCOW. Nov 10 (Interfax) - The Central Bank of Russia is following global trends and is ready to consider the issue of accruing interest on accounts opened in digital rubles, CBR Deputy Governor Zulfia Kakhrumanova said at the Federation Council.
"As for the possibility of accruals, the digital ruble is a payment instrument, and we initially considered it specifically for settlements, but we are following global trends and quite recently thought that it might make sense to think specifically about accruing interest on accounts, because China is already moving in this direction. Therefore, we are working on this issue, and if sufficient support emerges, we will also come forward with certain initiatives," Kakhrumanova said when answering senators' questions.
Kakhrumanova also commented on a remark that citizens currently turn to the digital ruble mainly out of curiosity and that using this instrument is not yet beneficial for them.
"I would probably briefly say a few words about cashback. Cashback is usually an instrument for banks. Everyone is used to the fact that if you pay, the bank provides cashback. We very much hope that the digital ruble will somewhat shift the configuration, that cashback will appear directly from manufacturers and retail organizations, for whom it will be extremely beneficial to offer this kind of instrument to people. Therefore, it seems to us that this will also become very useful for people at the next stage," she said.
According to the Central Bank, since the mass rollout of the digital ruble, citizens and businesses have opened only 310,000 wallets, carrying out more than 250,000 transactions.
The digital ruble is the third form of the Russian national currency that the CBR plans to issue in addition to the existing forms of cash and non-cash money. At the time of the project's launch, the CBR said more than once that the digital ruble was not a savings instrument and that there would therefore be no interest paid out on digital wallet balances. According to current legislation, citizens cannot open deposits, receive cashback from banks or take out loans in digital rubles.
In July 2026, the CBR said that it was considering conducting an experiment in which it plans to give banks the opportunity to issue loans and open deposits in digital rubles. "Now, banks, when accounts are opened, those accounts are opened on the Central Bank's balance sheet, and banks earn from transfers and smart contracts. And indeed, banks are proposing a different model in which accounts on the platform are opened on the balance sheet of the bank itself. This will allow banks to open deposits or loans [in digital rubles], because the bank will carry direct responsibility for these funds," Kakhrumanova said at the sidelines of the CBR Financial Congress. The idea of expanding the interest accrual experiment has not been publicly voiced until now.
"We envisage being able to launch such an experiment nearer to 2029, as it requires a separate regulatory framework, as well as modifying systems used by market participants and the Bank of Russia. We are currently discussing the key parameters of this experiment, including key issues like liability for transactions and funds, tariff rules and the specific regulatory documents that will need to be amended," the Central Bank's press service told Interfax.
