The Russian Parliament officially passed the law mandating banks and retailers to support the digital ruble along with the universal payment QR code starting in 2026.
This new law is built on a proposal from the Central Bank of Russia, allowing for the phased adoption of the digital ruble, aimed at promoting modern payments and integrating a unique QR code utility nationwide.
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The law mandates major banks and retail systems to support the digital ruble from 2026-2028.
Implementing the universal payment QR code aims to simplify cashless transactions across Russia.
The Central Bank of Russia establishes a specific roadmap for each group of entities to implement CBDC.
How did the Russian Parliament pass the law on the digital ruble?
The passing of this law marks a significant step in Russia's plan to issue the digital ruble, being legalized by the State Duma with support from both the lower and upper houses along with several serious amendments. Bill No. 811008-8 was submitted in early December 2024 and officially approved in early 2025, paving the way for widespread implementation.
Previously, the pilot project for the digital ruble began nearly two years ago; however, the push initiated by President Vladimir Putin has contributed to accelerating the legalization process to ensure widespread adoption in payments. According to an Interfax report on February 14, 2025, the new law not only regulates the adoption of the digital currency but also includes the development of a universal payment QR code, helping to synchronize and facilitate the electronic payment system.
Where and when is the digital ruble applied?
The digital ruble will be implemented in phases, focusing initially on major banks that are important in the financial system, requiring readiness to process transactions from September 1, 2026. Smaller banks will follow, completing integration in the next two years, specifically until September 1, 2028, to ensure wide coverage.
The Central Bank of Russia has established a specific timeline starting from June 2024, following the push from President Putin to ensure effective and timely support for digital payments in the financial system. For retailers, stores with revenues from 120 million rubles/year (equivalent to 1.5 million USD) will begin accepting payments in digital rubles from 2026. Smaller stores, with annual revenues of 20-30 million rubles, will gradually adopt over the following years until 2028, with exceptions for establishments without Internet connection or revenues below 5 million rubles.
The implementation of the digital ruble will help increase transparency and modernize the national payment system, while facilitating domestic and international transactions in the context of economic sanctions.
Alexey Zabotkin, Deputy Governor of the Central Bank of Russia, 03/2025, Interfax
What does the new law stipulate about the universal payment QR code in Russia?
To synchronize and simplify electronic payments, the law requires banks to be capable of processing transactions through the universal QR code starting September 1, 2026. This universal QR code is operated and managed by the National Payment Card System of Russia (NSPK), ensuring standardization and safety throughout the payment system.
The law strictly prohibits financial institutions and retailers from charging fees from NSPK when using the universal QR code. At the same time, NSPK must also comply with strict technical regulations to connect users and ensure that the QR code generated is standardized, facilitating all transactions.
“Money transfer service providers are responsible for providing customers only with the money transfer details or a link to those details through the universal payment code.”
Extract of the Law on the digital ruble and universal payment QR code, 2025
Notably, this regulation does not apply to cross-border money transfer transactions, although the digital ruble is likely to play an important role in Russia's import-export activities and international payments as economic sanctions remain in effect.
What impact does the digital ruble law have on the Russian financial market?
The implementation of the digital ruble is expected to enhance transparency, minimize money laundering risks, and improve payment efficiency. Statistics from the Central Bank of Russia indicate that the use of this country's cryptocurrency will help reduce average transaction costs by 15% and double the payment speed compared to traditional cash.
Financial expert Elena Morozova commented that in the context of international economic tensions, the digital ruble could strengthen the domestic economic position and reduce dependence on foreign financial systems. The adoption of a universal QR code also helps expand the contactless payment market, aligning with the digital transformation trend in finance.
Frequently Asked Questions
1. What is Russia's digital ruble? It is a cryptocurrency issued by the Central Bank of Russia, used for safe and transparent payment and electronic transfer transactions domestically. 2. Which banks must support the digital ruble? Major banks, playing a key role in the payment market, must integrate starting from September 1, 2026, while smaller banks must complete before September 1, 2028. 3. What is the function of the universal payment QR code? It helps standardize cashless transactions, creating convenience, reducing costs, and increasing security when paying through phones or QR-enabled devices. 4. Who operates the universal QR code system in Russia? The National Payment Card System (NSPK), the managing unit responsible for operation and technical assurance. 5. Do all retailers have to accept the digital ruble? Stores with annual revenues of 5 million rubles or more are required to adopt it, except for establishments without Internet connection.
Source: https://tintucbitcoin.com/rubel-so-nga-dung-luat-ma-qr/
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