The Bank of Russia plans to roll out the digital ruble by July 2025, with larger banks and retailers leading the transition to enhance payment efficiency and reduce costs.
Bollywoodfever: The Bank of Russia is gearing up to introduce the payment infrastructure for its central bank digital currency (CBDC), the digital ruble, by July 2025.Â
Larger banks will be required to offer digital ruble services such as accounts, transfers, and payments by this deadline, while smaller financial institutions will follow later.
This initiative aims to enhance payment efficiency and reduce costs, with retailers also being mandated to accept digital rubles.
The Bank of Russia recently submitted a proposal to open the digital ruble infrastructure, as reported by local media.
Under the proposed plan, major banks will need to support digital ruble accounts and payment services by July 2025.
Citizens and businesses will be able to use the digital ruble alongside traditional payment methods, including cash and non-cash transactions.
Legal amendments forwarded to the Russian Ministry of Finance outline staggered deadlines for different financial institutions.
While larger banks must comply by July 2025, smaller banks with universal licenses have until July 2026, and smaller credit institutions will need to be ready by July 2027.
Retailers with annual revenues exceeding 30 million rubles will also be required to accept digital rubles starting in 2025, with smaller businesses following suit in the next two years.
The Bank of Russia stated that both banks and retail businesses will implement digital ruble payment systems as they become ready, using a universal QR code system on the NSPK platform.
This approach will eliminate extra costs for both businesses and banks, while digital ruble transactions for citizens will be free of charge.
Currently, the pilot program for the digital ruble includes 12 participating banks and, as of September 1, has expanded to cover 9,000 individuals and 1,200 businesses.
The Bank of Russia emphasized that people and businesses will have the option to choose between digital and traditional rubles based on their preference.
The digital ruble aims to improve payment systems by increasing efficiency and reducing costs, providing a seamless and cost-effective way for citizens and businesses to conduct transactions.
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