The Bank of Russia aims to open its payment infrastructure for Russia’s central bank digital currency (CBDC), the digital ruble, by July next year. Larger banks will offer digital ruble accounts and services by that date, with smaller institutions to follow. The initiative is aimed at improving payment efficiency and reducing costs, with retailers also being asked to accept the digital ruble. A pilot program is currently underway involving banks, individuals and businesses.
Russia plans to launch digital ruble by 2025
The Bank of Russia has submitted a proposal to open the payment infrastructure for Russia’s central bank digital currency (CBDC), the digital ruble, by July 1, 2025, local media reported last week. Russia’s largest banks will be required to provide services such as digital ruble accounts, transfers and payments within their systems. The aim is to allow citizens and businesses to use the digital ruble alongside traditional payment methods such as cash and non-cash transactions.
The central bank has forwarded the proposed regulatory changes to Russia’s Ministry of Finance, setting different deadlines for different financial institutions. Larger banks are expected to be ready by July 2025, while others with universal licenses have until July 2026. Smaller credit institutions must comply by July 2027. Retailers with annual revenues of more than 30 million rubles will also be required to accept digital rubles starting in 2025, with smaller businesses following in the next two years.
The Bank of Russia explains:
Both banks and commercial and service enterprises can implement acceptance when their systems are ready.
The digital ruble is designed to improve the payment system by reducing costs and increasing efficiency. Payments will be made via a common QR code system based on the NSPK platform, eliminating additional costs for banks and businesses.
Digital ruble transactions for citizens will be free, and businesses will have the option to choose between digital and traditional rubles. A pilot program involving 12 banks is currently underway, and as of September 1, the program has expanded to include 9,000 individuals and 1,200 businesses. “Citizens and businesses will choose which form of ruble to use,” the Bank of Russia said.
What do you think about the Bank of Russia’s plans to introduce a digital ruble and its impact on businesses and consumers? Let us know in the comments below.
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