Banks proposing platform for commercial smart contracts in digital rubles - Nabiullina

MOSCOW. March 5 (Interfax) - Russian banks are proposing that the Central Bank create a platform for commercial smart contracts in digital rubles, Central Bank Governor Elvira Nabiullina said during the annual meeting between bankers and the regulator.

"The proposal that almost everyone is making is to create a platform for commercial smart contracts, on which market participants could out their own projects into practice. We very much welcome this, because only this way will it be possible to create a wide range of smart contracts and continuously enhance it," Nabiullina said.

"This year, we will unveil the concept for a commercial smart contract platform for discussion with you. Following that discussion, we will need to find ways to move quickly, because demand for such a platform is obvious, it exists," Nabiullina said.

The digital ruble is the third form of the Russian national currency that the Bank of Russia plans to introduce in addition to the existing forms of money, which are cash and non-cash. Since August 15, 2023, the Central Bank has been conducting a pilot project involving digital rubles. The largest banks and trading companies are expected to have to provide their customers with the ability to conduct transactions in digital national currency starting on September 1, 2026.

Other banks with a universal license, as well as trading companies, will be able to set up their systems until September 1, 2027, if their annual revenue exceeds 30 million rubles. Other banks and merchants with annual revenue of less than 30 million rubles will be required to use digital rubles starting on September 1, 2028. This requirement will not apply to sales outlets with annual revenue of less than 5 million rubles.