MOSCOW: The Bank of Russia has submitted proposals on the introduction of the digital ruble from September 1, 2026 to the State Duma (low...
MOSCOW: The Bank of Russia has submitted proposals on the introduction of the digital ruble from September 1, 2026 to the State Duma (lower house of the parliament). In particular, the largest banks will have to enable their clients to conduct transactions with the digital national currency from September 1, 2026, the press service of the regulator reported.
"From this date, trade companies that are clients of the largest banks and whose revenue for the previous year exceeds 120 million rubles ($1.9 mln) will have to open their infrastructure for digital rubles and enable payments for goods and services in the digital national currency," the report said.
The deadline for other banks with a universal license and trade companies that are their clients with annual revenue of over 30 million rubles to adjust their systems is September 1, 2027. All remaining banks and sellers with annual revenue of less than 30 million rubles will have to comply with the requirements starting from September 1, 2028. This obligation will not apply to retail outlets with revenue of less than 5 million rubles per year.
The new deadlines were set after discussing the details with market participants as well as ministries and agencies concerned, the Central Bank said, adding that they were determined considering the time required for banks and trade companies to adjust their systems.
Payments for purchases in digital rubles will be made using a universal QR code based on the National Payment Card System (NPCS) solution. All banks will have to be technically prepared to work with it by September 1, 2026. "The deadlines for banks to connect sellers to the universal QR code will be established by the Bank of Russia Board of Directors," the report said.
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