Russia approves the law on CBDC

The rublo digitale is entering a crucial phase after the Duma approved, in the second and third reading, the law that regulates service providers and companies in view of the dissemination of the Russian CBDC. 

The timeline is ambitious: from September 1, 2026, the main companies will have to offer customers services based on the new central bank digital currency. The regulatory path, now awaiting approval from the Senate and the signature of President Vladimir Putin, marks a historic step in the financial innovation of the country.

The legislative path of the digital ruble

The approval of the law for the digital ruble represents the Russian response to global trends in the monetary field. Anatoly Aksakov, chairman of the Financial Committee of the Duma and main architect of the regulations on cryptocurrencies and CBDC in Russia, coordinated the initiative. This law establishes the digital transformation of the Russian economy, including precise obligations and deadlines that directly involve banks and large business entities.

The law establishes the framework for a gradual introduction of the digital ruble. After parliamentary approval, the process involves passing through the Federation (the Russian Senate) and finally the president’s signature. The entry into force is set for September 1, 2026, a date that marks the beginning of an epochal transformation in the payment system in Russia.

Staggered obligations for businesses and involved parties

The CBDC bill establishes a compliance schedule based on the size of companies and banks. Businesses with annual revenues exceeding 120 million rubles (approximately 1.5 million dollars) will be the first to offer digital ruble services to their clients starting from September 1, 2026. An additional year is granted to medium-sized companies (up to 30 million rubles in revenues, or nearly 383,000 dollars), which must comply by September 1, 2027.

The piccole imprese and the younger financial startups will have until September 1, 2028, to comply. An exemption is granted to companies with ricavi inferiori a 5 milioni di rubli (63,900 dollars), which will not be subject to any obligation. The regulation also includes banche estere and branches of foreign companies operating in Russia, including several entities from Cina, Europe, and the United States.

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Obligation of payments in digital ruble via QR code

An interesting element of the legislation concerns the mandatory use of QR codes for payments in digital ruble. These will allow rapid payments via CBDC apps and tokens for both individuals and businesses. Consequently, the larger commercial chains will be obliged to offer this method immediately, while the smaller ones can choose to opt out according to the regulations.

Solutions for rural areas and limited connectivity

Russia has also recognized the technological challenges in less connected areas. The law stipulates that traders in areas without Internet connection or mobile network are exempt from the obligation to accept payments in digital ruble. Although the Central Bank has not yet outlined the details of possible offline payment solutions, this provision serves as a protective measure for small businesses and rural traders.

In fact, for these categories, nothing changes: they will be able to continue receiving payments with traditional methods at least until sufficient technological coverage ensures the efficient functioning of digital transactions.

The field tests and the first results of the experiment

Since 2023, the Central Bank of the Russian Federation has started experimenting with the digital ruble through a pilot project involving about 600 citizens and 22 businesses in 11 cities through partnerships with large banks and small businesses, such as beauty salons. At the same time, the Moscow Metro has initiated payment tests via CBDC, confirming the trend towards a progressive digitalization of public transactions.

The reactions of economic and banking operators

Not everyone, however, shares the optimism of the institutions. Some authoritative executives, including German Gref, CEO of Sberbank, have raised doubts about the actual need for a large-scale CBDC, admitting that they do not yet see the benefit for individuals, banks, and businesses. These concerns testify to the presence of a heated debate in the financial sector, while politics continues swiftly towards digitalization.

The Central Bank of Russia, however, maintains a clear stance on the security, speed, and transparency offered by the digital ruble. The Ministry of Finance also sees in this innovation an effective tool for the payment of benefits, public contracts, and for the reduction of fraud and corruption through the traceability of operations.

CBDC in Russia: between transparency, innovation, and new challenges

The law on the digital ruble represents a watershed for the Russian financial geography. With the obligation to adapt digital payment systems, major companies will need to modernize their services. However, the gradual nature of the implementation and the exemptions designed for smaller entities indicate a focus on inclusivity and the objective infrastructure limitations.

Some challenges remain open. First and foremost, the management of rural areas, the training of citizens and entrepreneurs, but also the need to convince operators of the tangible benefits of the new system. However, the regulatory support is solid: Russia is positioning itself to become one of the first major world economies to systematically and widely adopt a CBDC.

A new era for digital payments in Russia

The debut of the rublo digitale, scheduled for 2026, promises to profoundly change the landscape of pagamenti and economic relations throughout the country. The newly approved legislation lays a solid foundation for security, transparency, and speed in transactions, also offering useful tools against fraud and corruption. Companies, both large and small, will be called to adapt, and success will depend on how they manage to seize opportunities and address emerging challenges.

For those operating in the Russian economy, staying updated on the developments of the digital ruble will be essential: the transformation has just begun, and the next stages of the rollout promise to redefine the relationship between citizens, businesses, and the State.