Bank of Russia Delays Digital Ruble Launch Amid Industry Concerns

Revised Timeline for Digital Ruble Implementation

The Bank of Russia has announced a postponement in the launch of its central bank digital currency (CBDC), the digital ruble, due to significant feedback from financial institutions and retail businesses. Initially set to debut on July 1, 2025, the new proposed date is September 1, 2026, pending necessary legislative changes.

Compromise Amid Retailer Requests

This adjustment represents a compromise, as major retailers had sought an extension of up to two years. The revised timeline primarily affects the largest banks and retail entities. Notably, the criteria for identifying the largest retailers have been tightened, now requiring annual revenues exceeding 120 million rubles (approximately $1.5 million), a significant increase from the previous threshold of 30 million rubles ($380,000).

Extended Deadlines for Smaller Entities

Banks and merchants that fall into the next tier will have an additional year to prepare for the rollout. This group includes banks with universal licenses and retailers generating over 30 million rubles in revenue. Smaller merchants, particularly those earning less than 5 million rubles, will not be mandated to adopt the digital ruble, with their launch deadline set for September 1, 2028.

Industry Voices and Concerns

Among the voices advocating for the delay, Sberbank, Russia’s largest financial institution, was particularly vocal. Its exclusion from the initial phase of CBDC trials, which began in late December 2024, raised concerns about insufficient preparation time for the upcoming launch.

Integration with Payment Systems

In its announcement, the central bank highlighted that the digital ruble will utilize a universal QR code at points of sale, which is already integrated with its rapid payment system. The bank had previously tested this universal QR code in collaboration with 22 financial institutions late last year.

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Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research before making any investment decisions.