Russian lawmakers have passed a bill for a digital ruble, which is expected to be part of the country’s new payment infrastructure by 2026.
Digital Ruble Bill and Its Features
The digital ruble bill, approved by the State Duma and the Bank of Russia, aims to introduce a central bank digital currency (CBDC) with mandatory adoption for major banks by 2026. The initiative is backed by President Vladimir Putin. A crucial aspect is also the mandatory transition to the digital ruble for all major banks and retailers by 2028.
Payment System Changes
The introduction of the digital ruble is expected to bring significant changes to Russia's payment system. Banks and retailers will need to adapt to new conditions, ensuring support for the digital currency. This will strengthen state control over digital payments but will not have an immediate impact on existing cryptocurrency markets.
Comparison with Other Countries
Russia's strategy for the digital ruble mirrors similar initiatives in other countries, such as China with its digital yuan. Like other CBDCs, the aim of Russian authorities is to centralize control over digital payments and enhance transaction efficiency in regulated environments.
The launch of the digital ruble in Russia, scheduled for 2026, represents an important move towards updating the national payment system, allowing the state to better control digital financial transactions.
