Translation. Region: Russian Federal
Source: Central Bank of Russia –
An important disclaimer is at the bottom of this article.
The largest banks will have to be the first to provide their clients with the opportunity to use digital rubles: open accounts, make transfers, pay for purchases and services, and perform other transactions. Gradually, by September 2028, all banks will have this obligation. The corresponding law The State Duma adopted it today.
Trading companies that are clients of the largest banks and whose revenue for the past year exceeds 120 million rubles will also have to provide the ability to pay for goods and services in a digital form of the national currency from September 1, 2026.
Banks with a universal license and their clients — trading companies with annual revenue of over 30 million rubles — will have to start working with digital rubles from September 1, 2027. Other banks and sellers with revenue of less than 30 million rubles per year — from September 1, 2028. The obligation to accept payments in digital rubles will not apply to retail outlets whose annual revenue is less than 5 million rubles.
The law also sets the launch dates for a universal QR code based on the National Payment Card System (NSPK) solution. It will allow both buyers and sellers to significantly simplify the payment process without cards and avoid confusion when there are many QR codes at the checkout. The universal QR code can be used to access various payment options: the Fast Payment System, banking services or installment plans, and in the future, digital rubles. At the same time, the bonuses and discounts of the selected payment method are retained.
All banks must complete the preparation of their systems to work with the universal QR code by September 1, 2026. However, they can do it earlier if they wish.
NSPK will provide banks with a free universal QR code service. This will reduce their integration costs. The timeframes within which banks will be required to connect the universal QR code to sellers will be determined by the Board of Directors of the Bank of Russia.
Let us recall that digital rubles will be in circulation along with cash and non-cash. People will be able to create a wallet and use the digital national currency through the usual applications of banks connected to the digital ruble platform of the Bank of Russia. All transactions with the digital national currency for citizens will be free. The choice of whether to use digital rubles or not remains with the person.
Read more about the digital ruble on the website Bank of Russia.
Preview photo: Hamara / Shutterstock / Fotodom
Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.