Bank of Russia pitches new dates for digital ruble launch

The Central Bank of Russia has come up with new deadlines for the adoption of the digital ruble, following President Putin’s recent call for its widespread use. Various operations with the digital version of the national fiat will be introduced in stages, the monetary authority said, asking Russian lawmakers to approve the updated timetable. Bank of Russia pitches new dates for digital ruble launch Russia’s monetary authority has set dates for the gradual implementation of its central bank digital currency (CBDC) in a proposal to the State Duma, the lower house of Russian parliament, asking its members to make the necessary legislative amendments. Transfers and payments using the digital incarnation of the Russian legal tender will be introduced in stages, the Central Bank of Russia (CBR) announced on Wednesday. According to the plan, Russia’s largest banks will begin processing digital ruble transactions for their clients from Sept. 1, 2026, the Russian crypto news outlet Bits.media reported, quoting the press release. Starting the same day, trading companies with annual revenues exceeding 120 million rubles (approx. $1.5 million), serviced by these banks, will have to provide customers with the option to pay with digital rubles. Smaller banks and retailers with an annual revenue of over 30 million rubles (around $380,000) will have another year to prepare their systems. They should be ready to accept the digital national currency by Sept. 1, 2027. The deadline for all other banks and businesses is Sept. 1, 2028. The central bank has made an exception for merchants with annual revenues of less than 5 million rubles (about $64,000) for which the requirements and deadlines do not apply. Russians to make digital ruble transfers with QR codes Russian citizens will be able to send digital money using a QR code generated by the country’s Faster Payments System (SBP). The CBR noted the solution is already available in the SBP and is free of charge. The timeframe for banks and companies to introduce the QR code system across platforms is yet to be determined by the regulator. Banking institutions will have until September, next year, to ensure technical support for the QR codes which allow instant transfers using only a mobile phone number. Putin presses for widespread adoption of the digital ruble The Bank of Russia started developing its CBDC in 2021, and the legislation laying the ground for its introduction came into force in the summer of 2023. The digital ruble is intended as the third form of the national fiat, after cash and electronic bank money. Initially, financial authorities and institutions were supposed to put it into circulation by July 1 this year. However, Governor Elvira Nabiullina and other CBR officials have made it clear this will happen later than planned to give banks more time to prepare their infrastructure. Some reports suggested the launch has been postponed by a year, while others mentioned Jan. 1, 2026. Russian President Vladimir Putin helped end the uncertainty by recently urging the central bank to step up efforts to implement the digital currency. Speaking at the St. Petersburg International Economic Forum last week, he reminded that the digital ruble pilot has been going on for almost two years. Putin insisted that all the main operations have been worked out, including opening and closing accounts, transfers between individuals and legal entities, as well as payments for goods and services, and stated: “Now the task is to make the use of the digital ruble widespread, among citizens, enterprises, and banks. I ask the central bank and the government to speed up the necessary procedures and determine the timing of the transition to a new stage of technological development of our financial sector.” The new dates for “mass introduction of the digital ruble” have been already agreed with market participants and interested government bodies, representatives of the monetary have since assured, according to Russian media. Cryptopolitan Academy: Coming Soon – A New Way to Earn Passive Income with DeFi in 2025. Learn More

Source: Cryptopolitan