Russia will implement its national CBDC by June 2025: money transfers and payments for goods and services to increase adoption.
The Bank of Russia is planning to launch the digital ruble nationally by 2025. Starting from July 1, 2025, major Russian banks will be required to allow their customers to conduct transactions using the CBDC. This includes the ability to make money transfers and manage bank accounts. Additionally, businesses operating in Russia will have to accept payments in digital rubles via QR codes for goods and services.
To officially launch its CBDC, the Bank of Russia is actively conducting a pilot project with 15 banks to assess the usability and efficiency of the digital ruble. At the same time, legislative changes have been proposed to the Ministry of Finance to support the implementation of the new digital currency.
Cryptocurrencies to evade sanctions
In response to international sanctions, particularly from the United States, Russia has considered using cryptocurrencies for cross-border payments. Starting September 1, 2024, Russia has legalized the use of cryptocurrencies for such transactions. The country has also legalized Bitcoin mining, requiring miners to comply with anti-money laundering protocols and tax obligations.
