RBC: some banks are in favor of postponing the introduction of the digital ruble until 2026

Banks included in the list of systemically important credit institutions, accounting for up to 79% of the assets of the Russian banking sector (a total of 13 banks on the list), by order of the Central Bank, must provide clients with the opportunity to carry out financial transactions using digital rubles, including opening and replenishing accounts, making transfers and accepting them as a means of payment in its infrastructure before July 1, 2025.

The rest of the banks with a universal license must make this transition before July 1, 2026, and the rest of the credit institutions before July 1, 2027. In addition, the regulator obliges to guarantee the acceptance of digital rubles as a means of payment for commercial and service companies, depending on their turnover: the largest companies with annual revenues of more than 30 million rubles must meet the requirements of the Central Bank by July 1, 2025, more than 20 million rubles – before July 1, 2026, all others before July 1, 2027.

The largest Russian banks surveyed by RBC, including VTB, Sovcombank, Rosselkhozbank, Promsvyazbank, MTS Bank and Dom.Rf Bank, confirmed their readiness for the technological implementation of the digital ruble within the deadline set by the Central Bank.

However, according to Anastasia Kalugina, head of the Digital Finance group at the audit and consulting company Kept, not all banks are ready for the technical implementation of the digital ruble, as this entails large costs of modernizing existing infrastructure and testing. initial operations. using a new form of currency.

In addition, according to the expert, it is necessary to finalize the legislation regarding the digital ruble in the areas of data protection and combating money laundering. Kalugina emphasized that postponing the introduction of the digital ruble by one or two years “would allow all market participants to better prepare, test the systems and eliminate possible problems.”

The use of the digital ruble is slightly different from cashless transactions. Through a wallet opened in a mobile application connected to the Central Bank platform, the client can send instructions for crediting, in particular, converting non-monetary rubles into digital rubles. You can pay for goods or services in digital rubles using the quar code, but no loans or deposits will be made in this form of currency.

The law introducing the digital ruble was signed by Russian President Vladimir Putin on July 24, 2023.