Payment infrastructure for digital ruble to become available: Bank of Russia’s proposals
By 1 July 2025, major banks will have to give their clients an opportunity to conduct transactions with digital rubles, namely to open digital ruble accounts and deposit cash thereto, make funds transfers, as well as receive digital rubles via the relevant infrastructure. The regulator plans to launch a large-scale use of the digital national currency from that moment on. It is important that the digital ruble is available to both individuals and businesses and that they are able to use it freely, just like other ruble forms (physical money or bank deposits).
The Bank of Russia has sent its proposals to amend the relevant laws to the Russian Ministry of Finance.
Other banks with a universal licence are given more time to adjust their systems — their deadline is 1 July 2026, while other credit institutions have to make sure they comply with the requirement by 1 July 2027.
In addition, the regulator plans to set deadlines for the mandatory acceptance of payments in digital rubles by trade and service companies (TSCs). This requirement is to be fulfilled by 1 July 2025 by companies with annual earnings of over ₽30 million, by 1 July 2026 by those with annual earnings of over ₽20 million, and by 1 July 2027 by all other companies.
Following the large-scale launch of digital rubles, both banks and TSCs will be able to start accepting them as their relevant infrastructure is ready, including ahead of the deadlines proposed in the document.
Payments for purchases with digital rubles will be conducted using a universal QR code based on the National Payment Card System, which will help banks and TSCs avoid additional costs.
The digital ruble is a digital form of the national currency that has been designed to expand the options of making payments and funds transfers. For individuals, all transactions with digital rubles will be fee-free. Individuals and companies will be able to choose on their own which of the ruble forms to use. Digital ruble transactions are currently being piloted, with 12 banks taking part in the testing. From 1 September 2024, the pilot testing parameters have been expanded to allow for more participants, namely 9,000 individuals (previously, 600) and 1,200 TSCs (previously, 22).