tl;dr
Russian lawmakers have approved a bill mandating the rollout of a digital ruble by September 1, 2026, with phased compliance deadlines for banks and firms based on size. The legislation requires large companies to offer digital ruble payment options via QR codes, while exempting smaller vendors with...
Russian lawmakers have passed a bill mandating the rollout of a digital ruble by September 1, 2026. The State Duma approved the legislation in its second and third readings, and the bill will next proceed to the Federation Council and President Vladimir Putin for final approval, which are considered formalities. This law formalizes the Central Bank’s timeline for the Central Bank Digital Currency (CBDC), moving away from its initial plan to launch in summer 2025.
The bill, championed by Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, requires banks and financial firms with annual revenues of 120 million rubles ($1.5 million) or more to offer digital ruble services starting in 2026. Medium-sized firms will have until 2027, while smaller companies and startups must comply by 2028. The rules also extend to foreign banks and firms operating in Russia, including some Chinese, European, and American institutions.
One notable feature of the legislation is the use of QR codes for payments in digital rubles. Individuals will be able to pay businesses and traders with CBDC tokens through app-based QR codes. Large companies must provide this payment option from the start, but smaller firms can opt out initially. The bill also addresses Russia’s digital divide by exempting vendors without internet or mobile network access and smaller vendors earning less than 5 million rubles ($63,900) annually from requiring digital ruble payments.
The Central Bank launched the digital ruble pilot in mid-2023, involving 600 individuals and 22 firms, including major banks, small businesses, and the Moscow Metro system. Despite this progress, skepticism remains among commercial banks. German Gref, head of Sberbank, Russia’s largest bank, recently expressed doubts about the CBDC's necessity, questioning its relevance for individuals, banks, and businesses. However, he acknowledged potential use cases in cross-border settlements if international partners accept the digital ruble.
Authorities defend the CBDC by highlighting benefits such as faster, more transparent, and secure transactions. The Ministry of Finance sees it as a tool to disburse social benefits and government contracts more efficiently, aiming to curb fraud and corruption. As Russia prepares for this nationwide digital currency launch, the evolving regulatory framework signals a significant shift in its financial infrastructure with potentially wide-reaching impacts.