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Sberbank Clarifies the Distinction Between Cryptocurrencies and the Digital Ruble, 2026/03/29 09:37:09
The First Deputy Chairman of the Board of Sberbank, Alexander Vedyakhin, highlighted the advantage of the digital ruble over cryptocurrencies: it is a legal means of payment, while cryptocurrencies are not.
Vedyakhin reminded that the digital ruble is regarded as the third form of Russia’s national currency, alongside cash and non-cash forms. He believes that the digital ruble will not compete with cryptocurrencies, as they serve different purposes. The primary function of the ruble is payments, whereas the objectives of other digital assets in Russia are solely related to investments, according to Vedyakhin.
The First Deputy Chairman of Sber acknowledged the benefits of public blockchains for the advancement of financial products and as an additional business avenue for companies, including banks. The state banker stated that the issuance and circulation of tokens within such systems allow these assets to be recognized as having investment value and facilitate their turnover.
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Furthermore, blockchains can create a unified environment for the transfer of various types of tokenized assets. This enables the management of multiple tokens within a single smart contract and encourages financial organizations and companies to develop and execute their own smart contracts, Vedyakhin noted. He believes that such capabilities have been a driving force behind the growth of fintech based on public blockchains in recent years. However, the Deputy Chairman of the largest Russian state bank did not provide specific examples of successful tokenized assets.
Starting from September 1, businesses with a revenue exceeding 120 million rubles in the previous year and that have a valid acquiring agreement with a bank recognized by the Central Bank as “significant in the payment services market” are required to accept payments in digital rubles. This requirement applies to sellers of goods and services operating solely in retail, as previously clarified by the Bank of Russia.
From September, Russians will be able to make purchases using the digital ruble both in physical stores and online. The Central Bank assured that the retail sector would not incur costs for creating infrastructure, as payments in digital rubles will operate through the Fast Payment System.
The head of the Bank of Russia, Elvira Nabiullina, confirmed that accounts in digital rubles will not be automatically opened for all Russians — “participation will remain voluntary.”
