Digital Ruble Set to Revolutionize Russian Payments by 2026: A Major Shift

Key Points

1. The digital ruble is a Central Bank Digital Currency (CBDC) issued by the Central Bank of Russia, distinct from decentralized cryptocurrencies like Bitcoin.

2. The new law includes a universal QR payments system to standardize and simplify digital transactions across all banks and merchants.

3. Implementation will occur in phases: major banks and merchants must support digital ruble transactions by 2026, with smaller banks integrating by 2028.

4. Russia's CBDC push is driven by economic efficiency, strategic autonomy, and resilience against financial sanctions.

5. The digital ruble represents a centralized digital currency, contrasting with decentralized cryptocurrencies, and may influence cross-border CBDC discussions.