Russia Proposes Mandatory Digital Ruble Use for Banks and Merchants

According to Odaily, a new bill has been submitted to the Russian State Duma aiming to mandate the use of the digital ruble by banks and merchants, alongside implementing a universal QR code payment system. The proposal, led by a group of senators and deputies including Anatoly Aksakov, Chairman of the Duma Financial Markets Committee, has been officially entered into the lower house's electronic database. The bill outlines a phased introduction of the digital ruble, starting from July 1, 2025, initially targeting systemically important banks crucial to the national economic stability. By 2027, the digital ruble is expected to be adopted by all banks. Merchants will also be required to accept digital rubles to encourage public usage. By July 2025, businesses with annual revenues exceeding 30 million rubles must enable digital ruble payments, with the threshold lowering to 20 million rubles by July 2026. Businesses in areas without mobile or internet access are exempt from this requirement. The legislation is integrated with a universal QR code system to streamline payment processes, facilitating seamless use of the digital ruble. Amendments to consumer protection laws require merchants to comply with these regulations to ensure broader adoption. Additionally, credit institutions and foreign bank branches participating in the platform are obligated to support these transactions.