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Russian banks to give opportunity to conduct transactions with digital ruble by July 2025

The Central Bank also plans to set deadlines for the mandatory acceptance of payments in digital rubles by trade and service companies, the press service said

MOSCOW, September 12. /TASS/. Major Russian banks will have to give their clients an opportunity to conduct transactions with digital rubles, including the opening of digital ruble accounts and depositing cash thereto, making funds transfers, as well as receiving digital rubles via relevant infrastructure, by July 1, 2025, the press service of the Bank of Russia said in a statement.

"The regulator plans to launch a large-scale use of the digital national currency from that moment on. It is important that the digital ruble is available to both individuals and businesses and that they are able to use it freely, just like other ruble forms (physical money or bank deposits)," the statement reads.

Other banks with a universal license have been given more time to adjust their systems until July 1, 2026, while other credit institutions have to make sure they comply with the requirement by July 1, 2027, the regulator added.

The Central Bank also plans to set deadlines for the mandatory acceptance of payments in digital rubles by trade and service companies (TSCs), the press service said. This requirement is to be fulfilled by July 1, 2025 by companies with annual earnings of over 30 mln rubles, by July 1, 2026 by those with annual earnings of over 20 mln 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, the regulator noted. 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.

Since August 15, 2023, the Bank of Russia has been conducting a pilot project with real digital rubles. The first stage of testing was held with the participation of about 600 individuals from among employees of 12 banks. They tested the opening and closing of digital wallets, their replenishment, transfers between individuals, and automatic payments. Starting September 1, 2024, the pilot has been expanded. The total number of participants increased several-fold as the new stage started.