The Bank of Russia is set to roll out the payment infrastructure for the country’s central bank digital currency (CBDC), known as the digital ruble, by July 1, 2025. This new system will be implemented in the current year for large banks and in the following year for other financial institutions, which will be gradually integrating the system into their operations. The measures that were announced will help increase the speed of payments and optimize their cost, and they will also require stores to accept digital rubles.

In the new proposal submitted to the Russian Ministry of Finance, large banks will be expected to enable the target date for digital ruble operations. The institutions with a universal license will have time till July 2026, and other credit institutions, other than the large-scale ones, shall follow the requirement by July 2027. From 2025, enterprises with revenues of more than 30 million rubles, performing the functions of a retailer, will be obliged to accept digital rubles. Such moves will be emulated by other small enterprises over the next two years.

Digital Ruble Rollout Promises Lower Transaction Costs and Enhanced Efficiency

The Bank of Russia announced that banks and businesses will be able to accept the digital ruble when their systems are prepared. The digital ruble is expected to advance the payment system by reducing transaction costs and enhancing productivity. Purchases and payments will be enabled by a dedicated QR code associated with the NSPK platform, enabling banks and merchants to reduce unnecessary expenditures.

For users, all transactions with the digital ruble will be non-paid, while for merchants, it will be possible to pay with both digital and fiat rubles. As of now, there is a pilot with 12 banks that it plans to scale to 9,000 participants, with 1,200 of those being businesses by September 1st. The Bank of Russia has also noted that individuals and businesses will be able to select their preferred form of the ruble.

The decision has sparked some controversy among analysts. AB Digital CEO Dinar Samigullin thinks it is timely and non-threatening to anyone, while BCF Management’s Maxim Osadchy has concerns that the launch might be too hasty. The Bank of Russia continues to work on implementing the digital ruble, with further developments expected in the coming months.

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