Russia sees first real estate deal settled in digital ruble ahead of full rollout

According to reports, Russia’s first real estate transaction with digital rubles has been carried out in Moscow with a nod from the country’s monetary authority.

The news comes two years after the launch of a pilot project for the digital currency, scheduled for full introduction in stages starting a year from now.

Russian buys Moscow apartment with digital ruble and QR code

A real estate deal using Russia’s digital ruble for settlement has been conducted by majority state-owned bank VTB and a development company called PIK, local media revealed.

According to the crypto news outlet Bits.media and Fontaka.ru, a client of VTB Bank has bought an apartment in the Novoe Ochakovo residential complex in the Russian capital, paying for the property in the digital currency issued by the Central Bank of Russia (CBR).

The buyer and the real estate developer obtained the financial regulator’s approval in advance, and both opened accounts on the CBR’s digital ruble platform through the VTB Online service.

The future owner used a QR code to pay the deposit for the new home in the VTB mobile app, the reports also detailed.

VTB described the real estate purchase facilitated by the central bank digital currency (CBDC) as an important step toward creating a modern, safe and efficient financial infrastructure.

Alexander Pakhomov, deputy president and chairman of the bank’s management board, is convinced that payments with the Russian coin will help increase transparency and reduce transaction costs. The banker was quoted as stating:

“We see the enormous potential of the digital ruble in increasing the transparency of settlements, reducing transaction costs and developing innovative financial services.”

Pakhomov emphasized that VTB intends to actively develop its expertise in the field and work with the CBR to further introduce the digital ruble into the nation’s economy.

Digital ruble’s full-scale adoption to start in September 2026

Bank of Russia began testing the digital ruble in August 2023, when its Deputy Governor Olga Skorobogatova announced the pilot with a limited number of participants.

As part of the project, several hundred users and a few dozen companies and banks were allowed to open wallets and make payments and transfers between individual accounts.

Initially planned for 2025, the full-scale launch of the CBDC was postponed by a year after the Russian Ministry of Industry and Trade reported that businesses are not ready for wide adoption yet.

In June, the Bank of Russia announced an updated schedule that envisages a gradual introduction, starting from September 1, 2026. The timetable was later approved by lawmakers.

Besides obligating banks and retailers to introduce support for the digital version of the national fiat from next year, the legislation adopted by the State Duma, the lower house of parliament, also requires them to implement a universal QR code for payments.

The digital ruble has been in the making for quite some time, prompting Russian President Vladimir Putin to call on relevant institutions earlier this year to speed up its introduction to the public.

Wider use of the digital ruble is expected to add up to 260 billion rubles (almost $3.3 billion) to the Russian economy annually by 2031, according to a recent estimate released by the National Rating Agency (NRA).

Analysts at the CBR-licensed NRA predict that the CBDC’s economic effect for Russian businesses will amount to 30 to 50 billion rubles a year, over $600 million, and between 5 and 8 billion rubles (almost $100 million) for banks.

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