The Bank of Russia has approved a new rule that will allow banks to block operations in digital rubles for several days if they appear to be linked to fraud.

The Bank of Russia has introduced new rules requiring banks to suspend digital ruble transactions for up to two days if they are suspected of fraud. The directive, which aims to "protect citizens and organizations" from fraudulent activities, will enter into force on February 23, 2025, the central bank said in a statement. press release.

“Banks will be required to suspend customer instructions for transactions in digital rubles for two days if they show signs of fraud.”

Bank of Russia

The central bank said that if a suspicious transaction in the digital ruble is detected, the bank will alert the customer about possible fraud. Customers will have 24 hours to confirm or cancel the transaction. If they don't respond, the funds will remain in their digital wallet. The central bank added that these measures are similar to those already used for regular payments.

Russia has tried it Central bank digital currency Since August 2023, it is expected to be widely available for use by mid-2025. Central Bank Governor Elvira Nabiullina earlier certain If the pilot projects are successful, the digital ruble will be rolled out to “full-scale implementation” by July 2025. However, it noted that the transition process will likely take several years to complete.

In a consultation paper from October 2020 for the central bank Reassured Citizens are advised that the proposed central bank digital currency will complement, and not replace, the existing cash and non-cash rubles in circulation. In contrast, China, which is the main benchmark for Russia's digital transformation efforts, He started Pay civil servants in Changshu Prefecture using its own digital currency, the digital yuan, to encourage adoption of the state-controlled currency.