Russia Begins Mass Rollout of Digital Ruble

Russia is beginning the mass rollout of the digital Russian ruble on Sept. 1.

From now on, all systemically important banks, as well as large credit institutions designated by the Bank of Russia as significant in the payments market, must provide customers with the ability to open digital wallets, transfer digital rubles and use them to pay for goods and services. Retail chains and companies with revenue exceeding 120 million Russian rubles must also accept digital rubles.

Belarus is also implementing a digital Belarusian ruble project. The bill on the digital ruble passed its first reading in the House of Representatives in the spring. The second reading is scheduled for the autumn.

The National Bank previously said it expects to put the digital Belarusian ruble into industrial operation by the end of this year.