Russia's major banks must allow clients to conduct transactions in digital rubles by July 1, 2025
MOSCOW. Sept 12 (Interfax) - Russia's systemically important lending institutions should allow clients the possibility to conduct transactions in digital rubles by July 1, 2025, namely to open digital ruble accounts and deposit cash thereto, make funds transfers, as well as receive digital rubles via the relevant infrastructure, the Central Bank of Russia said.
The regulator has sent the corresponding proposals on amending the legislation to the Finance Ministry, the CBR said.
Other banks with a universal license are given more time to adjust their systems - their deadline is July 1, 2026, while other credit institutions have to make sure they comply with the requirement by July 1, 2027.
In addition, the regulator plans to set deadlines for the mandatory acceptance of payments in digital rubles by trade and service companies (TSCs). This requirement is to be fulfilled by July 1, 2025 by companies with annual revenue of over 30 million rubles, by July 1, 2026 by those with annual revenue of over 20 million rubles, and by July 1, 2027 by all other companies.
Following the large-scale launch of digital rubles, both banks and TSCs will be able to start accepting them as their relevant infrastructure is ready, including ahead of the deadlines proposed in the document.
Payments for purchases with digital rubles will be conducted using a universal QR code based on the National Payment Card System, which will help banks and TSCs avoid additional costs.
The digital ruble is a third digital form of the national currency that has been designed to expand the options of making payments and funds transfers. Digital ruble transactions have been piloted since August 15, 2023, with around 600 individuals from among employees of 12 banks taking part in the first phase.
The second pilot phase started in September 1, 2024 and has been expanded to allow for more participants, namely 9,000 individuals, previously, 600, and 1,200 TSCs, previously 22. It is anticipated that another 19 banks will join the second pilot phase at a later stage.
The digital currency should be eased into wider circulation from July 1, 2025.
The register of systemically important banks now includes 13 lenders: Gazprombank , Sovcombank , Promsvyazbank , Russian Agricultural Bank, Sberbank , Tbank (formerly Tinkoff Bank), Alfa-Bank, VTB , FC Otkritie, UniCredit Bank, Credit Bank of Moscow , Rosbank and Raiffeisenbank.