Bank

Russia has commenced plans to integrate the digital ruble into its economic infrastructure. The Bank of Russia announced that Russia’s biggest banks will facilitate the digital ruble system by allowing Russian citizens to open accounts and transact the currency.
The Putin-led country has made a stride towards the incorporation of the digital ruble into its economy. The Bank of Russia <a href="https://cbr.ru/press/event/?id=20991" rel="noopener noreferrer nofollow" target="_blank">issued</a> a proposal on 12th September that endorses a new payment infrastructure powered by the digital ruble.&nbsp;
According to the announcement, the country’s biggest banks will facilitate the payment infrastructure, starting July 1, 2025. The banks will allow citizens and institutions to open digital ruble accounts, deposit funds into accounts, and transfer the digital currency to other users.&nbsp;
<h3 id="span-style-font-weight-400-large-russian-banks-will-spearhead-the-system-span">Large Russian banks will spearhead the system</h3>
The announcement mentioned that the digital ruble payment infrastructure will be available to citizens and institutions, including large and small businesses. The Bank of Russia noted that users will use the system freely and equally with cash and non-cash funds.
<blockquote>
 By July 1, 2025, the largest banks will have to provide their clients with the ability to conduct transactions with digital rubles: open and top up digital ruble accounts, make transfers, and accept digital rubles in their infrastructure.
 –<a href="https://cbr.ru/press/event/?id=20991" rel="noopener noreferrer nofollow" target="_blank">Bank of Russia</a>
</blockquote>
The proposal mentions eight large banks in the country, including JSC UniCredit Bank, Bank GPB (JSC), PJSC Sovcombank, VTB Bank (PJSC), and JSC ALFA-BANK.&nbsp;
According to the Bank of Russia, these banks account for 78% of the total assets in the entire Russian banking ecosystem. The regulator forwarded the proposal to the Russian Ministry of Finance for legislation amendments.&nbsp;
The proposal offers to give other entities, such as small banks and credit institutions in the banking sector, more time to implement the digital ruble system. Small banks with universal licenses have until July 1, 2026, while credit institutions have until July 1, 2027, to implement the payment infrastructure.&nbsp;
<h3 id="span-style-font-weight-400-trade-and-service-enterprises-will-also-implement-the-system-span">Trade and service enterprises will also implement the system&nbsp;</h3>
The new regulations will also require trade and service enterprises (TSEs) to accept the payment system. Companies registering upwards of 30 million rubles in annual revenue have a deadline of implementation not exceeding July 1, 2025. Smaller companies turning over more than 20 million rubles annually have an extended deadline of July 1, 2027.
The payment system powered by digital rubles will capitalize on a universal QR code based on the NSPK. The system will override additional costs for banks and TSPs, making transactions less complicated. The Bank of Russia highlighted that citizens can transact with digital rubles for free.&nbsp;The entities involved in the transactions will choose their preferred form of the ruble. 
The announcement from the European nation confirms that digital ruble transactions are underway, and about 12 banks are piloting the transfers. It details that the parameters of the pilot were expanded on September 1, 2024, to increase the number of participants to 9000 from the previous 600.

Russia plans to initiate digital ruble operations in July 2025

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