The Russian Industry Ministry has proposed a two-year transition period for the implementation of digital ruble payments in retail due to infrastructure issues.
Russia’s Industry Ministry has called for a two-year transition period before the mandatory adoption of payments using the central bank’s digital currency – also known as the digital ruble – citing concerns over undeveloped infrastructure. prepared.
In response to a bill that would make digital payments in rubles mandatory for large retailers by July 2025, the ministry warned that rushing the system’s implementation could create serious challenges for businesses, the Russian media reports state-controlled Izvestia.
The proposed legislation includes a provision requiring retailers to offer customers the option to pay using the digital ruble. Under the draft, large federal retailers must comply by July 2025, while small businesses could benefit from delayed implementation depending on their annual revenue.
More time needed for CBDC adoption
However, the Ministry of Industry highlighted in a response to the government’s proposal the lack of clear operational guidelines for the digital ruble, the report said. The ministry particularly emphasized the need for more time to finalize software, update information systems, conduct tests and train staff.
To reduce these risks, the ministry would call for a two-year transition period to give businesses time to adapt to the new system.
As crypto.news previously reported, Russia’s central bank governor Elvira Nabiullina said that if pilot programs for the digital ruble go as planned, the country could launch the digital currency as part of a “massive implementation” by July 2025. However, she noted that the transition will be gradual.
The head of the Bank of Russia also noted that widespread adoption of Russian CBDC could take five to seven years, emphasizing that it would be a “natural process” driven by the needs and convenience of businesses and consumers.
