The directive from the Bank of Russia mandates financial institutions to prepare for the integration of the digital ruble, aiming to seamlessly blend it with existing cash and non-cash funds for everyday transactions. The directive also includes the provision for key functions such as opening digital ruble accounts and enabling transfers.
Recently, in a press release, the Bank of Russia unveiled a comprehensive strategy to incorporate the digital ruble into the financial ecosystem by mid-2025. Major banks are required to support the digital currency by offering services like money transfers. This initiative extends to large businesses with annual revenues exceeding 30 million rubles, mandating acceptance of the digital ruble by the specified deadline.
Additionally, the central bank’s proposal involves legislative amendments to facilitate widespread adoption of the digital ruble. These amendments, presently under review by the Russian Ministry of Finance, will establish the regulatory framework for cryptocurrency operations within the country.
The Bank of Russia is expanding pilot projects for the digital ruble, with participation increasing to over 9,000 individuals and around 1,200 trade and service enterprises by September 1, 2024. These trials aim to refine the operational infrastructure and security of the digital currency for broader public use.
A timeline for universal acceptance of the digital ruble is in place, requiring trade and service enterprises with annual turnovers exceeding 30 million rubles to facilitate digital currency transactions by July 1, 2025, with a gradual rollout for all businesses to comply by 2027. This phased approach allows smaller businesses time to integrate necessary technological solutions, ensuring accessibility and usability of the digital ruble across all sectors of the economy.
The Bank of Russia’s proactive approach to establishing a digital economy aligns with its commitment to modernizing the financial landscape, reflecting the evolving trend of traditional finance incorporating cryptocurrency. Recent reports from CoinGape highlight ZKB (Zurich Cantonal Bank) initiating Bitcoin and Ethereum offerings for its users, showcasing the continued integration of digital assets in traditional financial institutions.