In a significant development for Russia’s economy, the digital ruble could be operational by July 2025, the Central Bank revealed in a recent statement. The digital ruble is a central bank digital currency (CBDC) developed by the Bank of Russia.
As the Central Bank of Russia highlighted in its official statement, local banks must allow their customers to open and replenish digital accounts in rubles by July 1, as well as enable transfers and accept CBDC in their infrastructure.
“By July 1, 2025, the largest banks will have to provide their customers with the ability to conduct transactions with digital rubles: open and replenish accounts in digital rubles, make transfers, and also accept digital rubles in their infrastructure. From now on, the launch of the widespread use of the digital national currency is planned. It is important that it is available to citizens and companies and, if they so wish, they can use it freely, along with monetary and non-monetary funds,” he stressed.
According to Institution, banks with a universal license will have more time to finalize their systems – until July 1, 2026, and the remaining credit institutions – until July 1, 2027.
“In addition, it is planned to establish deadlines for mandatory acceptance of payments in digital rubles for trade and service companies (TSP). Companies with an annual revenue of more than 30 million rubles will have to do this from July 1, 2025, more than 20 million rubles – from July 1, 2026, all others – from July 1, 2027,” he added.
It is worth remembering that the head of the Central Bank, Elvira Nabiullina, in a speech A recent report revealed that the digital ruble is expected to be widely adopted by Russians within seven years. According to local media outlet Tass, Nabiullina stressed that within five to seven years, the digital ruble is expected to become commonplace for Russians.