Bank of Russia to Launch Digital Ruble payment by July 2025
Bank of Russia set to Launch Digital Ruble payments by July 2025
The Bank of Russia is preparing to introduce its central bank digital currency (CBDC), known as the digital ruble, with plans to fully roll out the payment infrastructure by July 1, 2025. Large banks will begin integrating the system this year, while other financial institutions will follow suit in 2026. The introduction of the digital ruble aims to improve the speed of transactions and lower costs for both businesses and consumers. By 2025, enterprises with revenues exceeding 30 million rubles will be required to accept digital rubles, with smaller businesses gradually adopting the system by 2027.
Digital Ruble payment System:Enhanced Payment Efficiency
The digital ruble is set to bring numerous benefits to Russia's payment system, particularly in terms of lowering transaction costs and improving efficiency. Businesses will be able to process digital ruble payments through a dedicated QR code connected to the NSPK platform, reducing unnecessary expenses. Users will benefit from fee-free transactions, while merchants will have the option to accept both digital and fiat rubles. A pilot program currently involving 12 banks is expected to scale to 9,000 participants, including 1,200 businesses, by September 1st, demonstrating the potential reach of the digital ruble.
Digital Ruble payment Rollout: Mixed Reactions
The rollout of the digital ruble has sparked differing opinions among experts. While some, like AB Digital CEO Dinar Samigullin, believe the move is well-timed and poses no significant threats, others, such as BCF Management’s Maxim Osadchy, express concerns about whether the launch is happening too quickly. Despite these mixed reactions, the Bank of Russia remains focused on implementing the digital ruble as part of its broader strategy to modernize the country’s payment systems. Further developments and updates on the rollout are anticipated in the coming months as more institutions and businesses prepare to adopt this new currency.
Also Read: Russia to start use of crypto for international transactions
