Russia Advances Digital Ruble Rollout with New Legislation

Russia's State Duma has passed legislation paving the way for the digital ruble, marking a significant step in the country's central bank digital currency (CBDC) initiative. The MOVE follows President Vladimir Putin's push for accelerated adoption, with phased implementation set to begin in September 2026.

The law mandates banking institutions to support digital ruble transfers and requires the National Payment Card System to implement a universal QR code for payments. This dual infrastructure approach aims to modernize Russia's financial system through blockchain technology.

Development of the digital ruble has been underway since 2022, with the recent political endorsement providing fresh momentum. The CBDC platform will gradually connect financial institutions and retailers, creating a new payments backbone for Russia's economy.