The Bank of Russia announced on Thursday that by July 1, 2025, the country’s largest banks will be required to provide full digital ruble services to their clients, marking a significant step toward the widespread use of the national digital currency.

What Happened: This initiative will allow citizens and businesses to open and top up digital ruble accounts, make transfers, and integrate digital rubles into their payment infrastructure, offering an alternative to cash and non-cash transactions.

The Russian Central Bank’s plan aims to make digital rubles readily available to everyone.

As part of this push, banks with universal licenses will have until July 2026 to upgrade their systems, while other credit institutions will have until July 2027.

In addition, trade and service enterprises (TSEs) will be mandated to accept digital ruble payments based on their annual revenue, starting with businesses generating more than 30 million rubles by July 2025.

Smaller businesses will be phased in by 2027.

The proposals for these legislative changes have already been submitted to the Russian Ministry of Finance, as the Central Bank prepares for the mass adoption of the digital ruble.

“The rollout will make the digital ruble available on an equal basis with traditional cash and non-cash payments,” the regulator noted in the announcement.

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Why It Matters: The digital ruble is a digital form of Russia’s national currency, designed to expand payment and transfer options while reducing costs for financial institutions.

The system, based on the National Payment Card System (NSPK), will utilize universal QR codes to streamline transactions. All digital ruble transactions for citizens will be free, providing a cost-effective alternative for both individuals and businesses.

Currently, a pilot program involving 12 banks and 9,000 participants is underway, and the program has been expanding.

By September 1, 2024, the number of participating trade and service enterprises grew to 1,200 from 22, further signaling the digital ruble’s potential impact on Russia’s financial landscape.

The introduction of the digital ruble is part of a broader global trend toward central bank digital currencies (CBDCs), as governments seek to modernize their financial systems.

What’s Next: Discussions on the future of digital currencies and their role in global finance will be explored at Benzinga’s Future of Digital Assets event on Nov. 19, where industry leaders will discuss the implications of CBDCs like the digital ruble and how they will shape the future of digital payments.

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