Russia's legislation promotes the digital ruble, aiming for nationwide coverage by 2028! Personal transactions will be free for life.

On July 15, the State Duma of Russia officially passed the "Digital Ruble Act," requiring all commercial banks to gradually connect to the Central Bank digital currency system. According to the provisions of the act:

1. Large Banks First: Starting in 2025, the opening of digital ruble accounts, as well as transfer and payment services, will be prioritized.
2. Merchant Mandatory Access:
   • September 2026: Large retailer with annual revenue exceeding 120 million rubles (approximately 1.35 million USD)
   • September 2027: Medium-sized merchants with annual income exceeding 30 million rubles
   • September 2028: All banks and small merchants (annual income below 5 million rubles exempt)

Unified QR Code Payment System Launched Simultaneously The National Payment Card System (NPCS) will generate integrated payment codes for free, and the adaptation of the entire banking system will be completed by September 2026. This QR code supports:

• Digital Ruble Payment
• Fast Transfer System
• Banking platforms and BNPL installment services
• Retain all discount benefits of the original payment method

Key Rules for Personal Use ① Directly connect to the Central Bank platform to open a digital wallet through the existing bank APP. ② Circulate in parallel with cash and electronic rubles ③ Lifetime Fee Waiver (Corporate rates to be determined separately) ④ Payment autonomy (not mandatory to use CBDC)

The Central Bank of Russia emphasizes: the trading data of the digital ruble is only used for anti-money laundering regulation and does not interfere with personal consumption behavior. Analysis points out that this move will accelerate the digital transformation of the Russian payment system and reduce the compliance costs of cross-border transactions.