On Sep. 12, RUS CB announced date of digital RUB transactions.
RUS CB announced that by Jul. 25, 2024 largest Russian banks will be required to provide their clients with the ability to conduct transactions with digital RUB.
Including top up digital RUB accounts, make transfers, and accept the digital RUB.
Follows, RUS CB Feb. 2022, began testing operation with digital RUB, see #129550.
Key Points
It is planned to launch the widespread use of the digital national currency.
Also, it was noted that it is important that it is available to citizens and businesses and, if desired, they can freely use it on an equal basis with cash and non-cash funds.
RUS CB sent the corresponding proposals for changes to the legislation to RUS GVT.
The remaining banks with a universal license are given more time to finalize their systems - until Jul. 1, 2026, and other credit institutions - until Jul. 1, 2027.
In addition, it is planned to set deadlines for mandatory acceptance of payments in digital RUB for trade and service enterprises (TSEs) and companies with annual revenue of more than 30mn RUB will have to do this starting from Jul. 1, 2025.
And for revenue over 20mn RUB - from Jul. 1, 2026, all others - from Jul. 1, 2027.
After the mass launch of digital RUB, both banks and TSPs will be able to implement their acceptance as their systems become ready, earlier than proposed deadlines.
Also, payment for purchases in digital RUB will be made using a universal QR code based on the national payment system, which will eliminate additional costs for banks.
Effectiveness
From Jul. 25, 2025 banks will be required to conduct operations with the digital RUB.
