Major Russian companies are set to face a new mandate that will require them to accept digital ruble payments starting in October 2026, according to a recent report by the news agency Interfax. Smaller firms are expected to follow suit by October 2027, as per the same source.
The initiative stems from the government and Central Bank officials’ intention to amend the nation’s law on consumer rights protection. The initial batch of companies affected will include vendors, data providers, and service providers with an annual revenue exceeding $330,000. These companies must start accepting CBDC payments by October 1, 2026. Companies with annual revenues ranging from $220,000 to $330,000 will have an additional year to comply.
While larger companies are mandated to adopt the Faster Payments System (SBP) by October 1 of this year, medium-sized companies have until October 1, 2025, to implement the system. The SBP allows for instant fund transfers using mobile phone numbers, payment for purchases, utility bill payments, and various other transactions.
The Central Bank’s approach to introducing the mandatory acceptance of Mir payment cards in 2017 has been cited as a successful precedent for this new initiative. The bank emphasizes a staged approach to provide merchants with the necessary tools to transition to SBP and digital rubles seamlessly.
Despite the Central Bank’s insistence that the use of digital rubles remains optional for individuals, there are indications that mandatory CBDC pension and benefits payments may be on the horizon. The bank aims to promote competition, enhance payment service quality and availability, and facilitate digital ruble settlements through this new legislation.
The move towards digital ruble adoption is seen as a beneficial step for major Russian companies, with the potential to reduce payment service costs. The Central Bank reports a significant increase in the adoption of SBP payment infrastructure by Russian firms, with 1.5 million companies onboard by the end of 2023, compared to 560,000 in 2022.
As the landscape of digital payments evolves, major Russian companies are poised to navigate the transition towards accepting digital ruble payments, with potential benefits for cost reduction and improved payment services. Stay tuned for further updates on the implementation of this new legislation and its impact on the Russian business ecosystem.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
