The Central Bank of Russia has proposed new deadlines for the phased implementation of the digital ruble in line with President Vladimir Putin's call for its active use.
Plan for Digital Ruble Implementation
The Central Bank of Russia has put forward a proposal for an updated timetable for the introduction of the central bank digital currency (CBDC) to the State Duma. According to the plan, the country's largest banks will begin processing digital ruble transactions from September 1, 2026. Businesses with annual revenues exceeding 120 million rubles will need to provide customers with the option to pay with digital rubles from the same day. Smaller banks and retailers with revenues over 30 million rubles will have another year to prepare, ready to accept the new currency by September 1, 2027. The deadline for all other banks and businesses is set for September 1, 2028. An exception has been made for merchants with annual revenues below 5 million rubles.
Transfers via QR Codes
Russian citizens will be able to transfer digital money using a QR code generated by the Faster Payments System (SBP). The Central Bank has noted that this solution is already available in the SBP and is free of charge. The timeline for banks and companies to implement the QR code system across their platforms is still to be determined by the regulator, but banks must ensure the technical support for QR codes enabling instant transfers by September next year.
Putin's Call for Digital Ruble Adoption
The Central Bank began developing the digital ruble in 2021, and the legislation enabling its introduction came into effect in the summer of 2023. President Vladimir Putin recently urged the central bank to accelerate the implementation of the new currency. He emphasized that all major operations with the digital ruble are already in place, including account openings and closures, transfers between individuals and legal entities, as well as payments for goods and services. Putin stated: "Now the task is to make the use of the digital ruble widespread, among citizens, enterprises, and banks."
Thus, the Central Bank of Russia is actively working on the implementation of the digital ruble according to the newly presented schedule in the State Duma. Putin's call to expedite this process promises further developments in the country's financial sector.
