Deputy Chairman of the State Duma Committee on Economic Policy Artem Kiryanov explained why, in his opinion, the digital currency of the Bank of Russia, the digital ruble, is useful.

Kiryanov said that the digital ruble will make life easier for entrepreneurs under sanctions, especially those involved in foreign trade. In addition, the digital ruble will guarantee full transparency of government procurement, improving control over financial flows, the deputy believes.

“The digital ruble is important for the state. The digital ruble should be used in state and municipal procurement. This will tighten financial discipline, preventing fraud and unauthorized transfers of funds, namely theft in government procurement,” Kiryanov said.

Last September, the Bank of Russia clarified the timing of the mandatory universal transition to settlements in digital rubles. From July 1, 2025, companies whose annual revenue exceeds 30 million rubles will have to accept payments in digital rubles. All other companies will have to switch to the digital ruble from July 1, 2027. Earlier, the Chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov, suggested that the digital ruble could “enter the international arena” as early as 2025.

However, in the fall, the Ministry of Industry and Trade of the Russian Federation reported that Russian business may not be ready to use the digital ruble due to deficiencies in information systems and software.