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Russia to launch digital ruble payment system by July 2025

Russia to launch digital ruble payment system by July 2025

GrafaGrafa2024/09/16 07:25
By:Liezl Gambe

The Bank of Russia plans to launch the payment infrastructure for the digital ruble, the country’s central bank digital currency (CBDC), by July 2025. 

The new system aims to improve payment efficiency and reduce transaction costs, allowing larger banks to offer digital ruble accounts and services by this deadline, while smaller banks will follow later. 

Retailers with annual revenues exceeding 30 million rubles will also be required to accept digital rubles starting in 2025.

The central bank has proposed legal amendments to the Russian Ministry of Finance to support the rollout. 

Larger banks must be ready by July 2025, while institutions with a universal license have until July 2026 to comply. 

Smaller credit institutions have a deadline of July 2027. 

As payment systems become ready, both banks and trade enterprises will be expected to support digital ruble transactions.

The digital ruble initiative is expected to enhance payment systems by lowering costs and boosting efficiency through a universal QR code system based on the NSPK platform. 

This system will help eliminate additional expenses for banks and businesses. 

Digital ruble transactions for citizens will be free, providing an incentive for adoption, while businesses will have the option to choose between digital and traditional rubles for their operations.

Currently, a pilot program involving 12 banks is underway, and it expanded on September 1 to include 9,000 individuals and 1,200 businesses. 

The Bank of Russia emphasised that "people and businesses will choose which form of the ruble to use," allowing flexibility in their payment methods.

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