Massive Monetary Overhaul Planned by Russia, Last Seen in 1990
Going Digital: The Real-time Future of the Ruble is Here
Get ready to join the digital revolution, because the Digital Ruble, the third form of Russia's national currency, is coming soon!
The Bank of Russia has set a timeline for implementing this groundbreaking new form of money and proposed necessary amendments to the legislation. The rollout starts on July 1, 2025, marking the beginning of a digital Ruble era.
Digital Ruble: A State-controlled Evolution
The Digital Ruble won't replace the traditional paper banknotes or the funds in your bank account residing in non-cash form. Instead, it'll be a platform-based, token-driven system overseen by the Bank of Russia. This isn't cryptocurrency, but a state tool designed for convenience, control, and new payment possibilities.
Timeline for the Masses
The Digital Ruble won't be exclusive. By July 1, 2025, clients of the 13 major banks will have access. In a year's time, other banks with a universal license will join in. And by mid-2027, you’ll be able to use the Digital Ruble through any bank.
But what about businesses? Companies with an annual turnover of more than 30 million rubles must start accepting digital rubles from July 1, 2025. By July 1, 2026, that threshold will drop to 20 million, and by 2027, this new payment method should be operational everywhere, from hypermarkets to small shops.
Digital Payments Done Simply
Going digital is easy: Scan a QR code, and the money leaves your digital wallet. For users, these operations will be free. However, banks and stores will have to prepare in advance by updating cash registers, setting up a connection to the platform, and training staff.
It's Not Cryptocurrency
There's no anonymity, no mining, and the Digital Ruble isn't a wild west. It's a fully state-controlled system with transparent rules. Transfers are clear, and the Bank of Russia issues the Digital Ruble.
Enriching Our Wallets and Lives
There's no doubt that the transition to the Digital Ruble will be unfamiliar and take some getting used to. But it's the future of monetary transactions, and it's inevitable. Digital funds will soon become part of our daily lives, making payments more convenient, secure, and accessible to everyone.
The Digital Ruble, a state-controlled evolution in the finance industry, will leverage technology to create a platform-based, token-driven system overseen by the Bank of Russia, offering new payment possibilities. By 2025, 13 major banks will have access to the Digital Ruble, with others following suit in the subsequent years, making it accessible to various businesses and the masses.
