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 The Russian Ministry of Industry has suggested a two-year transition period before mandating that payments be made using the digital ruble, the central bank’s digital currency(CBDC), due to concerns over the readiness of the existing infrastructure, <a href="https://iz.ru/1797505/2024-11-27/torgovla-zaprosila-dva-goda-na-perehod-k-cifrovomu-rublu" rel="noopener noreferrer nofollow">according </a>to Russia’s state-run media outlet Izvestia.
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The Russian Ministry of Industry has issued a warning regarding a draft law that requires large retailers to adopt digital ruble payments by July 2025. They expressed concerns that this legislation may present significant challenges for businesses.&nbsp;
According to the proposed law, large federal retailers must start accepting digital ruble payments by the specified deadline. At the same time, smaller companies may face a delayed implementation based on their annual revenue.
The Ministry of Industry responded to the government’s proposal by highlighting the absence of clear operational guidelines for the digital ruble. They stressed the importance of additional time to finalize software, update information systems, conduct testing, and train staff, advocating for a two-year transition period to address these issues, allowing businesses sufficient time to adapt to the new payment system.
This news came after Elvira Nabiullina, the governor of Russia’s central bank, announced that if pilot programs for the digital ruble are successful, mass implementation could occur by July 2025. She noted that the transition would be gradual and that full adoption of the central bank digital currency could take five to seven years, depending on the needs and convenience of businesses and consumers.
Meanwhile, Anatoly Aksakov, a Russian lawmaker and chair of the Parliament’s financial committee, <a style="color: #0000ff;" href="https://defi-planet.com/2023/09/russian-lawmaker-predicts-cbdcs-will-reduce-the-importance-of-traditional-banks/" rel="noopener noreferrer nofollow">predicted</a> that the rise of blockchain technology and the Digital Ruble would gradually reduce the role of traditional banks. Speaking at a media forum, Aksakov noted that while private banks may continue to play a role in the digital finance ecosystem, their traditional functions will likely diminish over time.
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The post <a href="https://defi-planet.com/2024/11/russian-ministry-proposes-two-year-transition-for-digital-ruble-adoption/" rel="noopener noreferrer nofollow">Russian Ministry Proposes Two-Year Transition for Digital Ruble Adoption</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Russian Ministry Proposes Two-Year Transition for Digital Ruble Adoption

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