Russia has unveiled plans to launch digital ruble operations by July 2025. The Bank of Russia announced that the country’s largest banks would play a pivotal role in facilitating this digital currency, enabling citizens to open accounts and transact with it.
In a significant move toward integrating the digital ruble into Russia’s economy, the Bank of Russia released a proposal on September 12. This proposal outlines the development of a new payment infrastructure supported by the digital ruble. The initiative, set to commence in July 2025, will involve significant banks allowing individuals and businesses to manage digital ruble accounts, deposit funds, and seamlessly transfer currency.
Major banks to lead digital ruble implementation
The proposal specifies that Russia’s largest banks will be at the forefront of implementing the digital ruble system. These banks, including JSC UniCredit Bank, Bank GPB (JSC), PJSC Sovcombank, VTB Bank (PJSC), and JSC ALFA-BANK, collectively account for 78% of the total assets in Russia’s banking sector. The Bank of Russia has forwarded this proposal to the Ministry of Finance for necessary legislative amendments to facilitate the process.
By July 1, 2025, these leading banks will be required to provide clients with the capability to open and top up digital ruble accounts and conduct transactions using the digital currency. The Bank of Russia emphasized that the system would be available to all citizens, businesses, and institutions, ensuring equal access to digital ruble transactions alongside cash and non-cash options.
Extended deadlines for smaller banks and credit institutions
While the largest banks are expected to implement the digital ruble system by July 2025, the proposal grants smaller banks and credit institutions more time to adapt. Banks with universal licenses have until July 1, 2026, to integrate the digital ruble into their operations. Credit institutions will have an additional year, with a July 1, 2027 deadline.
This staggered approach is intended to allow smaller entities within the banking sector to transition smoothly into the digital ruble ecosystem. The Bank of Russia has designed the payment infrastructure to minimize costs for banks and trade service providers, aiming to simplify transactions across the board.
Trade and service enterprises to adopt digital ruble payment system
The new regulations require trade and service enterprises (TSEs) to incorporate the digital ruble payment system. Companies with annual revenues exceeding 30 million rubles must comply with the system by July 1, 2025. Smaller companies generating more than 20 million rubles annually will have until July 1, 2027, to implement the digital ruble infrastructure.
The digital ruble system will utilize a universal QR code based on the National Payment Card System (NSPK) to streamline transactions and reduce costs. Citizens can conduct transactions using digital rubles at no extra charge, while businesses and institutions involved in the transactions can choose their preferred form of ruble for operations.
The announcement from Russia confirms that the digital ruble pilot program is progressing, with 12 banks currently participating. The Bank of Russia expanded the pilot parameters on September 1, 2024, increasing the number of participants from 600 to 9,000. This development indicates that the country is steadily advancing toward the full-scale adoption of the digital ruble by 2025.