Russia Charges Ahead with CBDC Revolution: New Legislation Paves Way for Digital Ruble & Universal QR Payments

Moscow's financial system is getting a blockchain facelift—whether banks like it or not.

The Kremlin just greenlit legislation that'll catapult Russia into the CBDC big leagues. Forget dusty cash—this is a full-throttle push for a digitized ruble, complete with universal QR code payments that could make Visa and Mastercard sweat.

Why This Matters

While Western central banks tiptoe around digital currencies, Russia's going pedal-to-metal. The new laws create a framework for instant, traceable transactions—and let's be real, probably some next-level financial surveillance too.

QR Codes: The Silent Killer

That universal QR system isn't just convenience—it's a potential death knell for payment middlemen. Imagine bypassing card networks entirely when buying black-market caviar (purely hypothetical, of course).

The Bottom Line

Another brick in the wall of cashless societies—except this one comes with Kremlin-grade firewalls and the subtle charm of obligatory adoption. At least the bureaucrats won't miss their 3pm bribe payments during the transition.

Russian parliament passes digital ruble law

Members of the State Duma, the lower house of parliament in Russia, have adopted a piece of legislation that lays the groundwork for the introduction of the Russian Federation’s central bank digital currency (CBDC), the digital ruble.

The latest incarnation of the national fiat has been under development for quite some time, with a pilot project launched almost two years ago, until a recent call from the Russian president for wide adoption gave new impetus for its finalization.

Bill No. 811008-8, which was submitted by a group of deputies and senators in December 2024, has now been approved on third and final reading in the Duma after significant revisions, the Interfax news agency reported on Tuesday.

The gradual connection of banks and retailers to the digital ruble platform and the introduction of a universal payment code, starting on the same date from September next year, are the keystones of the recently voted law.

Providing support for both is mandatory, with banking institutions obligated to offer clients the option to make digital ruble transfers and the QR code operator, the National Payment Card System (NSPK), required to ensure this can be done through the new method.

Digital ruble becomes mandatory

The Russian CBDC will not be introduced at once but rather in stages. Russia’s largest, “systemically important credit institutions” as well as banks playing key roles in the payment services market will have to be ready to process digital ruble transactions on September 1, 2026.

The deadline for smaller, universal banks is September 1, 2027, and all the rest will have to be able to work with the digital currency by September 1, 2028. The dates were set by the Central Bank of Russia (CBR) in June after Vladimir Putin urged financial authorities to speed up the process.

Next year’s deadline also applies to retailers with annual revenues of more than 120 million rubles (approx. $1.5 million). Merchants with annual revenue exceeding 30 million rubles will have to start accepting digital rubles the following year.

September 1, 2028, is the end date for sellers making over 20 million rubles annually. The bill exempts from this obligation shops without access to the Internet and other communications, as well as retail facilities with revenues of less than 5 million rubles a year.

Russia introduces single QR code for payments

The new legislation also concerns the implementation of Russia’s universal QR code for payments. It requires banks to be able to process transactions through the new system on Sept. 1, 2026. Its provisions dictate:

“A money transfer operator that is a credit institution or a branch of a foreign bank providing clients with electronic means of payment that allow reading information in graphic or other FORM and receiving transfer details or a link to the transfer details in electronic form, is obliged to provide clients with such transfer details or a link to the transfer details only using a universal payment code.”

The law prohibits banks and retailers from charging fees for the services of the single QR code operator, the NSPK. It also lists technical requirements for the operator and rules for connecting users to the system and generating the QR codes.

The obligation to use the universal payment code does not apply to cross-border transfers, the report noted, although the digital ruble has been seen as a tool that can help Russia’s foreign trade under the heavy sanctions imposed over its invasion of Ukraine.

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