Russia's Ministry of Finance has begun paying wages to its own employees in digital rubles, with the first payments made through the Bank of Russia's platform on October 1. The ministry is also folding the digital currency into the national budget process, and a senior State Duma official says ATMs could allow digital ruble cash withdrawals as early as next year.
Several Russian Finance Ministry employees received their wages in digital rubles for the first time on October 1, using accounts opened on the Bank of Russia's platform for the country's CBDC. The ministry said the payments follow the digital ruble's nationwide launch on September 1, when the country's largest banks and retail trading companies opened their infrastructure to let clients transact in the currency.
Wage payments open to all citizens
The ministry clarified that converting wages into digital rubles is available to all Russian citizens and happens only at the request of the person being paid. The institution is also working with the Bank of Russia to bring the digital ruble into the government's budget process, following a series of changes to the budget code that allow disbursements in the new currency.
ATMs could add cashouts next year
Anatoly Aksakov, head of the State Duma Committee on the Financial Market, said the existing ATM network might be interconnected with the digital ruble platform next year, enabling direct-to-cash withdrawals. According to Bitcoin.com: "Technologically, yes, it is possible and feasible." He added that the task is not difficult and could be completed next year.
If that happens, it would reduce friction between the fiat and digital currency platforms and support broader adoption of the digital ruble. In September, Bank of Russia Governor Elvira Nabiullina said the central bank was also making changes to improve the digital ruble's user experience, stressing that ease of use matters for getting Russian citizens to adopt the platform.
Source: Bitcoin News
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