As a seasoned researcher who has closely followed the evolution of digital currencies and their impact on various economies, I find this development by the Bank of Russia intriguing. The rollout of the digital ruble by 2025 promises to revolutionize the payment system in Russia, with its potential to reduce transaction costs and enhance efficiency.
Beginning July 1, 2025, the Russian Central Bank plans to launch the payment infrastructure for its digital currency, referred to as the “digital ruble.” Starting this year, large banks will be the first to adopt the system, with other financial institutions following suit in the subsequent year. Over time, these institutions will incorporate the system into their operations. This new system is expected to expedite and optimize payment speeds and costs, and it will necessitate retail stores to accept digital rubles.
In the recently submitted proposal to Russia’s Ministry of Finance, major banks are being asked to establish a timeline for digital ruble operations. Banks with a universal license have until July 2026 to comply, while other financial institutions, excluding the large-scale ones, will need to meet this requirement by July 2027. Starting from 2025, businesses earning over 30 million rubles and acting as retailers will be required to accept digital rubles. This rule is expected to be followed by smaller businesses over the next two years.
Digital Ruble Rollout Promises Lower Transaction Costs and Enhanced Efficiency
The Russian Central Bank has shared that financial institutions and businesses can eventually adopt the digital ruble once their systems are ready. This digital currency is anticipated to modernize the payment system by minimizing transaction fees and boosting efficiency. Transactions and payments will be facilitated through a unique QR code linked to the NSPK platform, allowing banks and merchants to cut down on unnecessary expenses.
For individuals utilizing the digital ruble, transactions will be free of charge. On the other hand, merchants can opt for both digital and traditional rubles as a payment method. Currently, a trial involving 12 banks is underway, with plans to expand this to around 9,000 participants by September 1st, including approximately 1,200 businesses. The Bank of Russia has additionally mentioned that individuals and businesses will have the freedom to choose their preferred type of ruble.
The decision has sparked some controversy among analysts. AB Digital CEO Dinar Samigullin thinks it is timely and non-threatening to anyone, while BCF Management’s Maxim Osadchy has concerns that the launch might be too hasty. The Bank of Russia continues to work on implementing the digital ruble, with further developments expected in the coming months.
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2024-09-17 14:23