The Russian parliament has completed the approval process for a law that sets obligations for banks and retailers regarding the introduction of the digital ruble and universal QR code.
Passage of Digital Ruble Law
Members of the State Duma of Russia have adopted legislation that establishes the foundation for the introduction of the digital ruble, the country's central bank digital currency. The bill was proposed by a group of deputies and senators in December 2024 and has been approved after significant revisions during its third and final reading. Key provisions of the law include mandatory support for the digital ruble and the universal QR code for payments to be implemented starting in September 2026.
Phased Introduction of Digital Ruble
The introduction of the digital ruble will occur in stages. Major banks must be ready to process transactions with the digital ruble by September 1, 2026. The deadline for smaller banks is set for September 1, 2027, and for all others, it is September 1, 2028. The law also applies to retailers with annual revenues exceeding 120 million rubles, who must begin accepting digital rubles next year.
Universal QR Code for Payments
The new legislation also establishes obligations for the implementation of a universal QR code for payments. Banks are required to process transactions through this system starting September 1, 2026. The law prohibits banks and retailers from charging fees for the services of the QR code operator and sets technical requirements and user connection rules. However, the obligation to use the universal QR code does not extend to cross-border transactions.
The adopted law regarding the digital ruble and universal QR code signifies a significant step towards modernizing Russia's financial system and enhancing the accessibility of digital payments.
