“Literally last week, on Friday, we met with Elvira Sakhipzadovna (Nabiullina) on the issue of using the digital ruble in the budget process. And we agreed on what, that starting next year we will conduct a pilot on certain expenses, where we will use the digital ruble,” Siluanov said at an extended meeting of the Committee Federation Council on budget and financial markets.

According to the minister, the digital ruble not only helps ensure transfers and settlements with virtually zero commissions, but is also important for industries where the targeted use of funds is necessary. We are talking about social payments, certain subsidies that are allocated for the purchase or provision of certain services.

Ministry of Finance and the Central Bank agreed that they would identify several such types of expenses. “The Treasury has received the corresponding instructions, the Central Bank works out together with the Treasury this task,” added Anton Siluanov.

Let us remind you that the digital ruble is a new electronic form of Russian currency, issued as an alternative to classic cash and non-cash money. Digital rubles can be used for any transaction and are equivalent in value to regular rubles.

On August 1, 2023, a law came into force establishing the digital ruble in Russia as a full-fledged asset and establishing the rules for the operation of the new platform. The Bank of Russia becomes the sole operator electronic system, while commercial banks participating in the project will provide their clients with access to its functions. Thus, to start using payments in digital rubles, users will not need to download new banking applications or purchase new devices with more advanced security systems.