Russia Sets 2026-2028 Deadlines for Digital Ruble Adoption

The Central Bank of Russia has proposed new deadlines for the implementation of the digital ruble, following President Putin's call for its widespread adoption. The monetary authority has outlined a phased approach for introducing various operations with the digital version of the national fiat, requesting that Russian lawmakers approve the updated timeline.

According to the proposal submitted to the State Duma, the lower house of the Russian parliament, the digital ruble will be gradually integrated into the financial system. Russia’s largest banks will begin processing digital ruble transactions for their clients from September 1, 2026. On the same day, trading companies with annual revenues exceeding 120 million rubles, serviced by these banks, will be required to offer customers the option to pay with digital rubles.

Smaller banks and retailers with an annual revenue of over 30 million rubles will have an additional year to prepare their systems, with a deadline of September 1, 2027. All other banks and businesses will have until September 1, 2028, to comply with the new requirements. Merchants with annual revenues of less than 5 million rubles are exempt from these requirements and deadlines.

Russian citizens will be able to send digital money using a QR code generated by the country’s Faster Payments System. The Central Bank of Russia noted that this solution is already available in the SBP and is free of charge. The timeframe for banks and companies to introduce the QR code system across platforms is yet to be determined by the regulator. Banking institutions will have until September of the following year to ensure technical support for the QR codes, which allow instant transfers using only a mobile phone number.

The Bank of Russia began developing its central bank digital currency (CBDC) in 2021, with the legislation laying the groundwork for its introduction coming into force in the summer of 2023. The digital ruble is intended to be the third form of the national fiat, following cash and electronic bank money. Initially, financial authorities and institutions were supposed to put it into circulation by July 1 of this year. However, Governor Elvira Nabiullina and other CBR officials have indicated that this will happen later than planned to give banks more time to prepare their infrastructure. Some reports suggested the launch has been postponed by a year, while others mentioned January 1, 2026.

Russian President Vladimir Putin recently urged the central bank to accelerate efforts to implement the digital currency. Speaking at the St. Petersburg International Economic Forum, he emphasized that the digital ruble pilot has been ongoing for nearly two years and that all main operations, including opening and closing accounts, transfers between individuals and legal entities, and payments for goods and services, have been worked out. Putin stated that the task now is to make the use of the digital ruble widespread among citizens, enterprises, and banks, and to speed up the necessary procedures for the transition to a new stage of technological development in the financial sector.

The new dates for the "mass introduction of the digital ruble" have been agreed upon with market participants and interested government bodies, representatives of the monetary authority have assured. This phased approach aims to ensure a smooth transition to the digital ruble, allowing different sectors of the economy to adapt at their own pace. The Central Bank of Russia's proposal reflects a strategic plan to integrate the digital ruble into the financial system, aligning with President Putin's vision for widespread adoption.