The Bank of Russia plans to roll out the payment infrastructure for the country’s central bank digital currency (CBDC), the digital ruble, by July 2025. The largest banks will offer digital ruble accounts and payment services by this deadline, while smaller institutions will follow in subsequent years. The digital ruble aims to enhance payment efficiency and reduce transaction costs, with larger retailers also required to accept this new form of currency.
The Bank of Russia is spearheading the initiative, with larger banks and financial institutions expected to integrate the digital ruble into their services. Retailers with annual revenues exceeding 30 million rubles will also be required to adopt digital ruble payments starting in 2025. The Russian Ministry of Finance is involved in reviewing the proposed legal amendments to facilitate this rollout.
The digital ruble payment infrastructure is set to be fully operational by July 1, 2025, for the largest banks. Smaller institutions with a universal license will have until July 2026 to comply, while other credit institutions must integrate by July 2027. The rollout for large retailers will begin in 2025, with smaller businesses following over the next two years.
This initiative applies to the entire Russian financial system, involving banks, businesses, and individual citizens across the country. The digital ruble is designed to function alongside traditional payment methods, including cash and non-cash transactions.
The introduction of the digital ruble is aimed at improving payment systems in Russia by reducing transaction costs and increasing efficiency. The use of a universal QR code system through the NSPK platform will facilitate seamless payments for banks and businesses, eliminating extra expenses.
The Bank of Russia has submitted legal amendments to the Ministry of Finance to establish a structured timeline for implementation. The pilot program, currently involving 12 banks, 9,000 individuals, and 1,200 businesses, is testing the system ahead of the full-scale rollout. Digital ruble transactions for citizens will be free, while businesses can choose between digital and traditional rubles for their transactions, ensuring flexibility in the use of this new form of currency.
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