Russia and China expand the capabilities of national digital currencies

In Russia, the key date will be September 1, 2026, when the large-scale implementation of the digital ruble begins. The largest banks will be required to provide customers with the ability to open digital ruble accounts, make transfers, and pay for goods and services. Simultaneously, the ability to accept digital rubles must be established for trading companies—clients of the largest banks—whose annual revenue exceeds 120 million rubles. Subsequently, the infrastructure will expand in stages: in 2027, the relevant requirements will apply to banks with a universal license and a portion of trading companies, with the next stage scheduled for 2028.

Thus, the Russian project is effectively moving from technology testing to the formation of a full-scale payment infrastructure. At the same time, the use of the digital ruble remains voluntary for citizens: an account is opened only at the user's request.

The functionality of the new form of national currency is also expanding. In February 2026, the Bank of Russia announced the development of a capability for mass payments in digital rubles via registries. Such a mechanism will allow companies to simultaneously transfer funds to a large number of recipients and can be used for salary payments, settlements with suppliers, and other corporate operations.

In June, another practical step was taken: the Bank of Russia set tariffs for digital ruble transfer operations from legal entities to individuals for the purpose of paying salaries and other payments provided for by employment contracts. Until the end of 2026, the corresponding remuneration for platform participants is set at zero rubles per executed order. This creates additional conditions for testing the digital ruble not only as a means of payment between individual users but also as an element of corporate settlements.

The Chinese digital yuan project is at a more mature stage. According to the latest available data, the total volume of e-CNY operations reached 16.7 trillion yuan by November 2025, and the number of transactions exceeded 3.4 billion. For comparison: at the end of 2023, the volume of operations was about 1.8 trillion yuan. Thus, the scale of digital currency use has grown manifold over several years.

However, the most interesting change was not just the transaction dynamics. Starting in January 2026, China began accruing interest on funds in digital yuan. This fundamentally expands the economic role of e-CNY: the digital currency is gradually acquiring certain characteristics of a bank deposit and is becoming not only a settlement tool but also a potential means of storing funds.

Simultaneously, China is expanding the project's banking infrastructure. In the spring of 2026, the number of banks authorized to work with the digital yuan increased to 22 units. e-CNY is used in budgetary settlements, various government and commercial services, and is also being tested in cross-border operations.

A comparison of the two models shows how differently the same financial tool can develop. Russia emphasizes creating a unified infrastructure for the Bank of Russia platform and the gradual connection of banks, businesses, and the population. China, having longer testing experience, is moving further—toward expanding digital currency functions, its integration with banking products, and its use in cross-border settlements.

The year 2026 could become an important milestone in CBDC development for both countries simultaneously. While previously the main question was the technical feasibility of issuing a digital form of national currency, today a different question comes to the fore: what economic functions it will be able to perform and how much in demand it will be among the population and businesses.

Author: PhD in Economics, Lecturer at the Department of World Economy and World Finance, Financial University under the Government of the Russian Federation, Alexandra Dmitrievna Filina.