The Russian Ministry of Industry has proposed a two-year transition period for implementing digital ruble payments in retail due to concerns over infrastructure readiness.
The ministry has called for a two-year transition period before making payments using the central bank digital currency, also known as the digital ruble, mandatory. This is in response to a draft law that would require large retailers to accept digital ruble payments by July 2025. The ministry has warned that the rushed implementation of the system could pose serious challenges for businesses, as reported by Russia’s state-controlled media outlet Izvestia.
The proposed legislation includes a provision that mandates retailers to offer customers the option to pay using the digital ruble. According to the draft, large federal retailers must comply by July 2025, while smaller businesses may have a delayed implementation based on their annual revenue.
In response to the government’s proposal, the Ministry of Industry highlighted the lack of clear operational guidelines for the digital ruble. The ministry stressed the need for additional time to finalize software, update information systems, conduct testing, and train staff.
To mitigate these risks, the ministry is advocating for a two-year transition period, allowing businesses to adapt to the new system.
As previously reported, Russia’s central bank governor, Elvira Nabiullina, stated that if pilot programs for the digital ruble proceed as planned, the country could launch the digital currency through a “mass implementation” by July 2025. However, she noted that the transition will be gradual.
The head of the Bank of Russia also mentioned that the widespread adoption of Russia’s central bank digital currency could take five to seven years, highlighting that it will be a naturally evolving process driven by the needs and convenience of businesses and consumers.