The Central Bank of Russia proposed a plan last week that stipulates that the country's major banks must provide customers with the opportunity to conduct transactions in digital rubles by July 1, 2025, including the opening of digital ruble accounts, cash deposits, and fund transfers. and receiving digital rubles through related infrastructure.
The press service of the Bank of Russia said in a press release that the regulator has submitted proposals to the Ministry of Finance to amend the relevant laws. It wrote:
“This regulatory body plans to promote the large-scale use of the digital national currency from that moment on. It is important that the digital ruble can be used by individuals and businesses and can be used freely like other forms of rubles (physical currency or bank deposits).”
The regulator added that other banks with general licenses have more time to adapt their systems until July 1, 2026, while other credit institutions must ensure compliance by July 1, 2027. Russia’s central bank also plans to set a deadline for trading and services companies (TSC) to make it mandatory to accept digital ruble payments.
The regulator noted that following the large-scale rollout of the digital ruble, banks and TSCs will be able to start accepting the digital ruble when the relevant infrastructure is ready, including before the deadlines proposed in the document. Payment for purchases in digital rubles will be made using a universal QR code based on The National Payment Card System, which will help banks and TSCs avoid additional costs.
According to a report by the Russian official media TASS, the Central Bank of Russia has continued to carry out a pilot project for real digital rubles since August 15, 2023, and will expand the pilot project from September 1, 2024. The number of participants will also increase with the beginning of the new phase. Increased several times.
Related reports:
" Bloomberg: Russia will begin trials of cryptocurrency payments and exchanges to ease corporate payment difficulties caused by sanctions "
" Russian legislation "legalizes mining"! Putin: Digital currency has a future, we must seize the opportunity to legislate it”
