By July 1, 2025, Russia’s largest banks are required to offer clients access to digital ruble operations, including account opening, funding, and transfers. The Central Bank of Russia has submitted the relevant proposals for legislative amendments to the Ministry of Finance.
Other banks with a universal license have until July 1, 2026, to update their systems, while other credit institutions have until July 1, 2027.
Additionally, deadlines for mandatory acceptance of digital ruble payments by businesses are planned. Companies with annual revenues exceeding 30 million rubles must implement digital national currency payments by July 1, 2025, those with over 20 million rubles by July 1, 2026, and all others by July 1, 2027.
Purchases with digital rubles will be processed using a universal QR code based on the NSPK, eliminating additional costs.
Earlier, the Russian Ministry of Finance announced plans to create a platform for digital ruble transactions.
The law on the national digital currency came into effect on August 1, 2023. The Central Bank of Russia has set requirements for banks regarding information security for digital ruble operations and established tariffs for them.
Testing of the CBDC for individuals and businesses in Russia began on August 15. By the end of 2024, dozens of new banks will join the list of participants. However, most Russians are uninterested in using the instrument, according to a survey.