A lesson from an eastern partner: what Russia can learn from China’s digital yuan strategy

A Systemic Approach as the Foundation of Success

China’s experience demonstrates the importance of a comprehensive approach to the creation of a digital currency. Instead of adopting isolated solutions, China has focused on building an integrated ecosystem. The launch of the International Operations Center in Shanghai in September 2025 became a key element of this strategy, uniting three interrelated platforms that form the backbone of the new system.

Table: Three Key Platforms of the Digital Yuan

Technological Leadership and Practical Benefits

China has ensured the competitiveness of the digital yuan through undeniable technological advantages. The system demonstrates transaction speeds of 7–8 seconds while reducing operational costs by 75–98% compared to traditional bank transfers. These indicators have become a key argument for international partners.

In parallel with the rollout of the platforms, the People’s Bank of China has achieved full integration of its cross-border payment system with 10 ASEAN countries and six Middle Eastern nations, creating the technical capability for up to 38% of global trade to be conducted in digital yuan, bypassing the SWIFT system.

Cross-border Implementation: Modest Scale but Serious Ambitions. The Renminbi Digital system is already operational, albeit on a limited scale. According to Boris Titov, it is available for use in ASEAN countries, the Middle East, Russia, and several CIS states.

• Turnover. In 2025, the system processed transactions equivalent to over USD 90 billion.
• Integration. The e-CNY Cross-Border platform is connected to the mBridge project — a multilateral platform for cross-border settlements in digital currencies, indicating China’s ambition to establish global standards.

China’s key argument in global competition lies in the undeniable technological advantages of its new system.

• Speed. While SWIFT payments still experience delays of 3–5 days, China’s “digital currency bridge” reduces settlement time to 7–8 seconds. Within the joint China–Indonesia project, the first cross-border payment was executed 100 times faster than by traditional methods.
• Cost. During the test phase between Hong Kong and Abu Dhabi, the payment fee to a Middle Eastern supplier was reduced by 98%. Middle Eastern energy traders connected to the system reported a 75% reduction in settlement costs.

As a result of this “instant payment” capability, the traditional dollar-based system already appears slow and expensive, prompting many countries to seriously consider transitioning to the new platform.

Table: Comparison of Traditional Payments and the Digital Yuan System

Russian Realities and Challenges

The current state of the digital ruble reflects differences in strategic approaches. While China pursues an offensive strategy of global financial expansion, Russia focuses on using the digital ruble as a tool for adapting to sanctions.

Table: Comparative Analysis for 2025

As of August 2025, around 2,500 wallets had been opened and about 100,000 transactions conducted within the digital ruble pilot projects. Federal Law No. 248-FZ of 23.07.2025 establishes the phased implementation of the system starting from 1 September 2026 and requires significant changes to the architecture of the digital ruble. The key innovations include:

• Introduction of a universal payment code (QR code);
• Mandatory use of the code for all system participants;
• Clear definition of implementation stages and connections.

Particular importance lies in the appointment of NSPK JSC as the operator of the universal payment code, creating an additional centralized element in the system’s architecture. However, this alone is insufficient for global competitiveness.

Key Lessons for Russia

China’s experience makes it possible to formulate concrete recommendations for Russia’s strategy:

• Creation of an ecosystem rather than merely a tool of adaptation and control. Like China, Russia needs to develop not just a digital currency but a full-fledged financial ecosystem integrated with trade and logistics.
• Achieving technological parity. The Russian system should offer similar advantages — transaction speed of up to 10 seconds and cost reduction by 80–90%.
• Gradual international expansion. Efforts should focus on creating “growth points,” beginning with deeper integration of the digital ruble into trade operations with EAEU and CIS countries.
• Ensuring interoperability. It is crucial to secure technical compatibility of the digital ruble with the digital yuan and other central bank digital currencies within multilateral initiatives.

Toward a Balanced Strategy. China’s experience shows that success in the field of digital currencies is determined by the ability to build a comprehensive strategy that unites technological, regulatory, and foreign policy components.

For Russia, the digital ruble should become not merely a tool for adapting to sanctions but an active element of the new financial architecture. A balanced strategy combining the development of its own ecosystem with mutually beneficial partnership with China will enable Russia to preserve financial sovereignty amid the emergence of a multipolar world.