Major Russian Banks to be Required to Offer Digital Ruble Transaction Channels by July Next Year
The Bank of Russia last week proposed a plan requiring the country's major banks to offer their customers the opportunity to transact in digital rubles by July 1, 2025. This includes the opening of digital ruble accounts, cash deposits, fund transfers, and receiving digital rubles through the relevant infrastructure.
The Bank of Russia's press service announced in a press release that the regulator has submitted amendments to relevant laws to the Ministry of Finance. It stated:
“The regulator plans to introduce the widespread use of the digital national currency from that moment. Importantly, the digital ruble will be available to individuals and businesses and will be freely used like other forms of the ruble (cash or bank deposits).”
The regulator added that other banks with general licenses have more time to adapt their systems (until July 1, 2026), while other credit institutions must ensure compliance by July 1, 2027. The Bank of Russia also plans to set a deadline for trading and service companies (TSCs) to be obligated to accept digital ruble payments.
The regulator noted that after the large-scale implementation of the digital ruble, banks and TSCs will be able to start accepting digital rubles when the relevant infrastructure is ready, including before the deadlines suggested in the documents. Payments for purchases in digital rubles will be made using a universal QR code based on the National Payment Card System, which will help banks and TSCs avoid additional costs.
According to a report by Russian state media outlet TASS, the Bank of Russia has been running a pilot project for real digital rubles since August 15, 2023, and expanded the pilot program starting September 1, 2024. The number of participants has also increased several times with the start of the new stage.
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