The Russian Central Bank on Thursday submitted a proposal to open the payment infrastructure for the Russian central bank digital currency (CBDC), dubbed the digital ruble, by July 1, 2025.
According to the presentation, Russia’s largest banks will offer services such as digital ruble accounts, transfers and payments within their systems. In addition, the Central Bank of Russia noted that it aims to enable citizens and businesses to use the digital ruble alongside traditional payment methods, such as cash and non-cash transactions.
It is worth noting that the central bank sent its proposals for legal amendments to the Russian Ministry of Finance at the beginning of the year, setting different deadlines for different financial institutions. As a result, the largest banks are expected to be ready by July 2025, while other banks with international licenses are expected to be ready by July 2026.
Russian retailers with annual revenues of more than ₽30 billion will also be required to accept digital rubles starting in 2025, with smaller businesses to follow suit within the next two years.
“Following the launch of the digital ruble, banks and the entire commercial sector will be able to implement its acceptance as soon as their systems are ready,” the Bank of Russia said in a statement.
It is important to note that the Russian digital ruble aims to improve payment systems, reducing costs and increasing efficiency. In addition, the Russian financial institution indicated that payments will be made through a universal QR code system based on the NSPK platform, thus eliminating additional costs for banks and businesses.
The global CBDC map is expanding and Russia is stepping forward
It is worth noting that currently, some nations, such as the Bahamas, Nigeria, and Jamaica, have already introduced CBDCs for retail, institutional, or wholesale use. In addition, 44 other countries, such as Brazil, Iran, Australia, and China, also have pilot programs for their own CBDCs, according to data from the Atlantic Council.
In addition, the Russian financial institution indicated that digital transactions in rubles will be free for all citizens and businesses will have the option to operate between digital and traditional rubles.
«The digital ruble is a digital form of national currency that was created to expand the possibilities of payments and transfers in our nation. Moreover, individuals and businesses will choose for themselves which form of the ruble they will use.»
It is important to note that a pilot programme is currently underway in Russia involving 12 banks, and as of 1 September the programme has been expanded to include 9,000 individuals and 1,200 companies.
On the other hand, various experts have warned that the introduction of the Central Bank’s digital currency entails significant risks.
«The introduction of financial innovations is complicated by the low level of financial literacy of the population. For example, in the 1990s, stocks appeared in the Russian Federation, but the Russians were not ready for this innovation, as a result, there was a boom and then a collapse of stocks,» warned Maxim Osadchiy, head of the analytical department of the Russian bank BKF, in an interview.
Osadchiy also noted that the process of introducing the digital ruble will inevitably contribute to inflation in Russia, as Russian companies will recoup their operating costs at the expense of consumers.
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