The digital ruble will become part of the Russian financial system from July 1, 2025. Banks and companies are preparing to switch to a new form of national currency.
Central Bank of the Russian Federation officially announced the time frame in which the digital ruble will be introduced into the Russian financial system.
Deadlines for banks and businesses: phased implementation of the digital ruble
According to the press release, the largest Russian banks must provide their clients with access to working with the digital ruble by July 1, 2025. This includes not only opening and replenishing accounts, but also the ability to transfer and accept digital rubles through the banking infrastructure.
The remaining banks will be given more time to finalize their systems. Thus, financial organizations with a universal license must complete the adaptation by July 1, 2026. Small credit companies – by July 1, 2027.
It is expected that the mass introduction of the digital ruble will take at least seven years, according to Elvira Nabiullina, head of the Bank of Russia.
In addition to banks, the Central Bank of the Russian Federation also set deadlines for trade and service enterprises (TSE):
- companies with annual revenues of more than 30 million rubles will be required to accept payments in digital rubles from July 1, 2025;
- enterprises with revenue of 20 million rubles or more – from July 1, 2026;
- All other organizations are required to connect to the acceptance of digital rubles by July 1, 2027.
The regulator emphasized that banks and TSPs will be able to implement digital technology as their systems become ready, even before the established deadlines.
The Bank of Russia has already sent proposals to change the legislation to the Ministry of Finance. In this way, the Central Bank wants to ensure a smooth and effective transition to the use of the new form of national currency.
Testing of the digital ruble began in August last year with the participation of 12 banks. Since September 1, the pilot has been expanded – now up to 9 thousand people and 1,200 trade and service enterprises are participating.
Earlier, the All-Russian Public Opinion Research Center (VTsIOM) shared the results of a survey related to the digital ruble. It turned out that the level of awareness of the new form of national currency remains low. At the same time, more than half of Russians show no interest in it at all.
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Source: Cryptocurrency
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