Russia Opens More Than 220,000 Digital Ruble Accounts in First Month

Russia’s digital ruble surpassed 220,000 accounts opened in its first month, a total nearly four times the roughly 60,000 accounts officials expected after the Sept. 1 launch.

Russian central bank Deputy Governor Zulfiya Kakhrumanova gave the account total. Nearly 200,000 personal accounts had opened during the first three weeks of September’s large-scale rollout, before the first-month figure was reached.

The adoption comes as BRICS members explore connecting their central bank digital currencies for cross-border trade and payments. The bloc includes Russia, China and India.

At the 18th BRICS Summit in New Delhi, India, last month, leaders backed efforts to expand trade settlement in local currencies and connect members’ digital currencies for cross-border payments.

In the United States, a housing law enacted earlier this year bars the Federal Reserve from creating or issuing a central bank digital currency through the end of 2030.