CBDC News

More Time Needed to Prepare for Russia’s CBDC

Russia’s Ministry of Industry wants a two year transition before mandatory adoption of a digital ruble. It is concerned that the necessary infrastructure is not ready. It is currently planned to become mandatory for large retailers by July 2025.

The Ministry of Industry says there is a lack of clear operational guidelines for the digital ruble. Additional time is needed to finalise software, update information systems, conduct testing, and train staff.

Despite the July deadline, the head of the Bank of Russia has said that the widespread adoption of Russia’s CBDC could take five to seven years, emphasizing that it will be a ’natural process‘ driven by the needs and convenience of businesses and consumers.