New Russian bill seeks to force banks and merchants to accept digital rubles

A bill has been submitted to the Russian State Duma that seeks to force banks and merchants to use the digital ruble while implementing a universal QR code payment system. The bill, led by a group of senators and deputies, including Anatoly Aksakov, the chairman of the Duma's Financial Markets Committee, has been formally submitted to the electronic database of the lower house. The proposal outlines a phased rollout of the digital ruble, starting with systemically important banks (those critical to the country's economic stability) on July 1, 2025, and expanding to all banks by 2027. Merchants will also have to accept the digital ruble to promote public use. By July 2025, businesses with annual revenues of more than 30 million rubles must enable digital ruble payments, and by July 2026, the threshold drops to 20 million rubles. Businesses in areas without mobile or internet access are exempt from this restriction. The bill, combined with a universal QR code system, simplifies the payment process to enable seamless use of the digital ruble. The amendments to the consumer protection law require merchants to comply with regulations to ensure wider adoption. In addition, credit institutions and foreign bank branches participating in the platform are obliged to support these transactions.