As of September 1, new requirements for using the digital ruble have come into force in Russia, for the first time covering the country’s largest banks and retail companies. Banks must provide customers with access to digital wallets, while large businesses must accept digital rubles as a means of payment. At the first stage, the rules apply to companies with annual revenue of more than 120 million rubles.
All digital ruble transactions go through the Central Bank of Russia’s unified platform, allowing the regulator to track the movement of every coin. Bank transfers already made it possible to monitor the movement of funds, but the new system shifts that oversight directly to the regulator.
Citizens are not required to switch to the digital ruble: a digital wallet cannot be opened without a person’s consent.
People can use their digital wallets through their bank’s app, while cash can only be withdrawn after the digital rubles have been transferred to a bank account. One digital ruble is equal to one ruble, but digital ruble balances do not earn interest or cashback.
Next Stages
Starting in September 2027, the requirements will apply to banks with a universal license and retail companies with annual revenue of more than 30 million rubles. One year later, the remaining banks and smaller businesses must join the system.
Retail outlets with annual revenue of less than 5 million rubles, as well as stores without internet access, are exempt from the requirement to accept digital rubles.