Bank of Russia Sets Deadlines for Digital Ruble Integration Across Banking Sector

13 Sept

The Bank of Russia has announced that by July 1, 2025, the country's largest banks must enable their customers to open, replenish, and transfer digital rubles, signalling the widespread introduction of the national digital currency. This effort is aimed at making the digital ruble accessible for both citizens and businesses, alongside existing cash and non-cash payment systems.

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The digital ruble, a central bank digital currency (CBDC), is intended to provide additional payment and transfer options for the public, and all transactions for citizens will be free. The Bank of Russia envisions the digital ruble being used interchangeably with traditional forms of currency, allowing businesses and individuals to choose their preferred payment method.

The Bank of Russia has submitted proposals to amend legislation to the Ministry of Finance to facilitate the rollout of the digital ruble. Under the new framework, the largest banks will need to support digital ruble operations by July 2025, with banks holding universal licenses given until July 1, 2026, and other credit organizations until July 1, 2027, to upgrade their systems.

Trading and service enterprises (TSPs) will also be required to accept payments in digital rubles. Large companies, with annual revenues exceeding 30 million rubles, must comply by July 1, 2025. Companies with revenues over 20 million rubles have until July 1, 2026, and smaller businesses must comply by July 1, 2027. However, both banks and enterprises can adopt digital ruble payments ahead of the deadlines if their systems are ready.

Payment Infrastructure and Pilots

Payments using the digital ruble will be facilitated by a universal QR code, based on the National Payment Card System (NSPK). This system aims to reduce additional costs for both banks and TSPs. The digital ruble is currently in its pilot phase, with 12 participating banks. As of September 1, 2024, the pilot has expanded to include up to 9,000 individuals and 1,200 businesses, compared to 600 individuals and 22 businesses in the earlier phase.

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