Russia Sets 2026 Deadline for Digital Ruble Rollout

The Central Bank of Russia has set new deadlines for the adoption of the digital ruble, following a directive from President Vladimir Putin to expedite the implementation of the digital currency. The digital ruble is scheduled to be introduced in phases, with major banks and retailers expected to offer digital ruble payment options to their clients starting from September 1, 2026. This initiative is part of a broader strategy to integrate the digital ruble into the country's financial ecosystem, making it the third form of national fiat currency, alongside cash and electronic bank money.

The Central Bank of Russia has outlined a phased rollout plan for the digital ruble. According to this plan, Russia's largest banks will begin processing digital ruble transactions for their clients from September 1, 2026. Trading companies with annual revenues exceeding 120 million rubles, serviced by these banks, will also be required to provide customers with the option to pay with digital rubles starting from the same date. 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 be ready to accept the digital national currency. 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 next year to ensure technical support for the QR codes, which allow instant transfers using only a mobile phone number.

The development of the digital ruble began in 2021, with legislation laying the groundwork for its introduction coming into force in the summer of 2023. Initially, the digital ruble was supposed to be put into circulation by July 1 of this year. However, Governor Elvira Nabiullina and other Central Bank of Russia 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. President Putin recently urged the central bank to speed up the implementation of the digital currency, emphasizing that the digital ruble pilot has been ongoing for almost two years and that all main operations have been worked out. He stated that the task now is to make the use of the digital ruble widespread among citizens, enterprises, and banks. The new dates for the mass introduction of the digital ruble have been agreed upon with market participants and interested government bodies, according to representatives of the monetary authority.