Russia requires banks and merchants to use digital ruble by 2025

Russia has introduced a bill mandating the use of the digital ruble by banks and large merchants, starting in 2025.

This initiative aims to integrate the central bank digital currency (CBDC) into the country's financial infrastructure and is supported by a universal QR code system for streamlined payments.

The legislation, proposed by members of the State Duma including Anatoly Aksakov, outlines a phased adoption process.

Systemically important banks will adopt the digital ruble by July 1, 2025, with all banks required to comply by 2027.

Merchants with annual revenues exceeding 30 million rubles must accept digital ruble payments starting mid-2025, with the threshold lowering to 20 million rubles by July 2026.

Businesses operating in regions without mobile or internet access are exempt from these requirements.

The bill mandates the use of a universal QR code system for digital ruble transactions.

Amendments to consumer protection laws are included to ensure merchant compliance.

"The National Payment Card System (NSPK) will oversee the implementation of this system," the bill specifies.

Digital ruble transactions, including payments to businesses, notaries, and legal professionals, will require QR code processing unless specified otherwise by the digital ruble platform.

Credit institutions and foreign bank branches connected to the platform are also obligated to enable these transactions.

This measure shows Russia's effort to modernise its payment landscape and promote the digital ruble as a key element of its financial ecosystem.

The government aims to enhance the efficiency and accessibility of financial transactions while ensuring seamless integration into the existing infrastructure.