Russia’s Ministry of Industry and Trade has suggested a two-year transition period for the retail sector to adapt to the implementation of the digital ruble, the central bank digital currency or CBDC that is under development in that country. This proposal arises from a draft law presented by the Financial Market Committee of the State Duma at the end of October, which, among other provisions, obliges businesses to offer customers the option to pay with digital rubles at starting July 2025.
The bill argues that the use of the digital ruble could reduce costs by eliminating the need for payment terminals for cards. However, the Ministry of Industry and Commerce warned that companies could face difficulties to connect to the infrastructure necessary to process payments with the CBDC, and that the risks of this process cannot yet be accurately assessed, as reported by the Russian media Izvestia.
In this way, the Ministry of Industry and Commerce has requested a postponement, of at least two yearsfor the implementation of payments in digital rubles, in order to allow companies to adjust their guidelines, update their software and train staff. The infrastructure necessary for the implementation of the digital ruble is still under development.
In an official statement, the agency made the following clear: “The lack of clear operational parameters for the digital ruble, together with the need for software updates and staff training, justifies the call for a two-year transition period.” ».
The implementation of the digital ruble in Russia not only seeks to modernize its financial system, but also reinforce its de-dollarization strategy. In the face of international sanctions, the country is trying to reduce its dependence on the US dollar by promoting alternatives to facilitate transactions both within the BRICS bloc and with other allied nations. However, Russian government officials acknowledge that, although CBDCs represent an interesting tool in this effort, their implementation faces significant technical and social challenges.
Russia and China have tried to position the BRICS as a key driver for its de-dollarization strategy. However, the lack of consensus within the bloc and the divergent economic priorities of countries such as India and Brazil have weakened these efforts. India, for example, maintains a close economic relationship with the United States, especially in key sectors such as information technology (IT); Furthermore, the Reserve Bank of India holds a significant portion of its reserves in dollarswhile many companies in the country face debt obligations in this currency.
CBDCs are facing serious problems achieving mass adoptionmarked by technical difficulties, privacy concerns and a lack of consumer trust. In China, the digital yuan project has hit major obstacles, including low usage rates in pilot tests; Furthermore, the dismissal of the main promoter of the initiative, after a corruption scandal, has added more uncertainty to the development of the project. The latter was reported by CriptoNoticias.
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