Russia Set to Launch Central Bank Digital Currency for Public Use by Mike Maharrey via Gold Seek
Russia plans to introduce central bank digital currency for public use next year. This is another step forward toward a completely cashless society and a step backward for financial privacy.
According to a press release from the Bank of Russia, digital rubles will be available to the public by July 1, 2025, and the system will roll out over three years. According to the press release, consumers will make payments with digital rubles using a universal QR code based on the National Payment Card System.
“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).”
Smaller banks will have additional time to prepare their systems for the shift to CBDC. They have until July 1, 2026, to begin digital ruble services. “Other credit institutions must comply with the requirement by July 1, 2027,” the Bank of Russia statement said.
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Trade and service companies (TSCs) with earnings over 30 million rubles must begin accepting digital rubles by July 1, 2025, while businesses earning between 20 and 30 million rubles will have an additional year. All companies will be required to accept digital rubles by 2027.
“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.”
Russia isn’t the first country to roll out CBDC.
