Central bank outlines three uses for Russia's digital ruble

Bank of Russia deputy governor Zulfia Kakhrumanova described transfers to relatives, merchant payments and corporate payroll as uses for the digital ruble in an interview published on October 12.

Individuals can send money already held on the digital-ruble platform without a transfer fee or a limit on the amount, Kakhrumanova told Komsomolskaya Pravda radio. However, a separate monthly limit of 300,000 rubles applies to replenishing a digital wallet.

For individual entrepreneurs, she highlighted lower costs for accepting customer payments. She also said large holdings with legal entities across Russia could use the platform to make transfers without relying on banking operating hours in different time zones.

Payroll payments in digital rubles would cost employers 1 ruble per entry in the payment register, she said. Kakhrumanova added that new services would be introduced gradually because banks need time to adapt their systems.

The digital ruble is an additional form of Russia's national currency alongside cash and money in bank accounts. Kakhrumanova previously reported that 220,000 accounts had been opened during the first month of its launch.