As a seasoned researcher with a focus on digital currencies and central bank policies, I find this move by the Bank of Russia towards launching digital ruble services for public use by 2025 intriguing. My personal experience has shown me that such initiatives often serve as game-changers in the financial landscape, offering new avenues for transactions and facilitating greater economic inclusivity.
According to Jordan Finneseth’s report for Kitco News on September 16, Russia’s central bank, the Bank of Russia (BoR), has unveiled intentions to roll out digital ruble services for public utilization starting July 1, 2025. By this date, leading banks will be obligated to establish digital ruble accounts and handle transactions like transfers and deposits. The BoR underlines the importance of making the digital ruble just as convenient as traditional money, so that it can be utilized by both individuals and companies.
Based on information from Kitco’s press release, the Bank of Russia is working alongside the Ministry of Finance to make changes to current laws that facilitate the introduction of the digital ruble. Banks holding “universal licenses” have been given an extended deadline for implementation; they must start providing digital ruble services by July 2026. Other financial institutions are expected to comply with this by July 2027.
Based on the annual earnings of businesses, the timeline for initiating digital ruble payments varies. According to Kitco, businesses earning more than 30 million rubles annually must comply by July 2025. Companies with earnings between 20 million and 30 million rubles have until July 2026. All other companies are expected to facilitate digital ruble transactions by July 2027.
Kitco further noted that the Bank of Russia has suggested that financial institutions and businesses have the option to establish the necessary infrastructure prior to the set deadlines. These transactions would take place using a unified QR code system, which the BoR believes will help reduce extra costs for both banks and trading service providers.
According to a report from Kitco, Russia’s central bank outlined that the digital ruble was created to expand payment and transfer methods. Additionally, they mentioned that any transactions carried out using the digital ruble would be free of charge, and users have the flexibility to choose whether they prefer the digital or physical version of the ruble based on their specific requirements.
In order to ensure a wider launch, the Bank of Russia has begun trial runs of the digital ruble with 12 banks. According to Kitco, as of September 1st, the pool of participants for this pilot program was broadened to include 9,000 individuals and 1,200 service companies in trade, a substantial increase from the previous cap.
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2024-09-17 13:17