In this news piece, retailers advocate for a postponement in the launch of Russia's central bank digital currency (CBDC).
The Bank of Russia has announced a timeline for the rollout of the digital ruble, a central bank digital currency (CBDC), with a mass deployment set for 1st July 2025. However, amid concerns about the lack of rules for the digital ruble's operation and functioning, the Ministry of Industry and Trade has requested an extension of up to two years for its implementation.
The extension applies to retailers with incomes between 20 to 30 million rubles ($274,000 to $371,000). These businesses have been given an extra year to comply with the digital ruble implementation, providing them with additional time to prepare and adapt their point of sale software.
Meanwhile, larger retailers and banks, with a turnover exceeding 30 million rubles, are still expected to support the digital ruble by the initial 1st July 2025 deadline. By this date, the largest banks and retailers must integrate the digital ruble into their systems.
The Russian Minister of Finance and the Ministry of Industry and Trade have both voiced their concerns about the current timescale, stating that it does not allow sufficient time for retailers to prepare for the digital ruble's implementation. To address these concerns, the Bank of Russia has not yet released rules for the operation and functioning of the digital ruble.
On the other hand, smaller firms have been given a two-year timescale for the implementation of the digital ruble. This extended period will allow these businesses to adapt to the new digital currency at a more manageable pace.
As the digital ruble rollout approaches, the Bank of Russia continues to work on the development and implementation of the CBDC, aiming to provide a secure and efficient digital payment system for the Russian economy.
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