Following the holiday season: Alert issued for significant currency adjustment since the 90s in Russia
Here Comes the Digital Ruble: Russia's New Currency Form
Mark your calendars, folks! From July 1, 2025, Russia will be embracing a new form of currency – the digital ruble. Joining the traditional "cash" and bank transfers, this digital currency will be the talk of the town. Major banks and retail chains will be pioneers in this digital revolution, with the rest of the population following suit.
What's the Buzz About?
Let's clear the air: the digital ruble isn't bitcoin or reward points from a mobile app. This baby is the same state money, but in a digital format created and controlled by none other than the Bank of Russia. So, no mining or crazy cryptographic puzzles; instead, you'll be storing it in a special electronic wallet. What sets it apart? High-security and transparency, all thanks to blockchain technology.
Keeping Tabs on the Timeline
- July 2025: 13 major banks will get connected.
- End of 2026: All banks with a universal license.
- Mid-2027: The rest of the market will join the party.
Get Ready for Business
Retailers and companies, it's time to gear up! The digital ruble will become obligatory for you too. The first in line are those with an annual turnover of over 30 million rubles. Come July 2025, they'll need to accept digital ruble payments. By July 2026, the threshold drops to 20 million. And if you aren't there yet, don't worry, 2027 is your year.
Payments 2.0
Say hello to quick, free, and hassle-free transactions – all through a QR code. And the best part? Zero commission for consumers, but banks and stores will have to adapt: new apps, updated registers, and staff training will be the new norm.
Not Crypto, Just Rubles
The digital ruble is as Russian as Vladimir Putin – it's not a cryptocurrency. It can't be mined, and it's not designed for anonymity. It's an official, transparent, fully state-controlled tool integrated into the banking system, according to our reliable source.
Sources:
- By 2025, Russia will introduce a new form of currency – the digital ruble – marking a significant advancement in their financial technology.
- Unlike bitcoin, the digital ruble is not a cryptocurrency but an official digital version of the ruble, controlled and issued by the Bank of Russia.
- In 2025, major banks and retail chains will be among the first to accept the digital ruble, with other banks and the rest of the market following suit in the coming years.
- Businesses with an annual turnover of over 30 million rubles will be obligated to accept digital ruble payments starting from July 2025, and the threshold will drop to 20 million rubles by July 2026.
