by Karen Faulkner, Worthy News Correspondent
(Worthy News) – The Bank of Russia has confirmed its central bank digital currency (CBDC), the digital ruble, is set for a mass rollout in the second half of 2025, Ledgerinsights reported on Wednesday, October 2.
The largest banks will be required to support the digital ruble by July 2025, Ledgerinsights reports. These banks will have to offer digital ruble accounts, and accept digital rubles. Smaller banks will have until July 2026 to comply and nonbank credit institutions have until July 2027,” Ledgerinsights said.
Moreover, businesses will also have to accept the digital ruble, Ledgerinsights said. Businesses with a turnover of 30 million rubles ($320,000) or more must comply upon opening. Those with over 20 million rubles in revenues have an extra year, and those with less than that have two years.
“The [Russian] central bank doesn’t believe it will be too challenging for merchants to adopt the CBDC, as it plans to mandate a universal QR code with a draft law in preparation, Ledgerinsights explained in its report.
“This will be based on the QR codes currently used by SBP, Russia’s faster payment system. The universal QR code has already been piloted by 22 banks.”
In a statement about the rollout, Russia’s central bank noted: “The digital ruble will not have a significant impact on the monetary policy transmission mechanism (MPTM). At the same time, the Bank of Russia has all the tools to compensate for the secondary effects of the introduction of the digital ruble on the MPTM, if they arise.”
Copyright 1999-2025 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
Latest News from Worthy News
Iran threatened Friday to launch a regional war and suggested it could build an atomic bomb if its nuclear sites are attacked by Israel or the Jewish nation’s allies, such as the United States.
President Donald J. Trump is expanding trade tariffs on China after announcing similar measures for Canada and Mexico.
Tensions remained high Friday in Pakistan’s Punjab Province after local police detained a mentally challenged Christian on charges of blasphemy against Islam, Christians told Worthy News.
Sweden says it has detained five people over the killing of an Iraqi refugee who sparked outrage among Muslims by burning the Koran in protest in Sweden in 2023.
President Donald Trump confirmed that he will impose 25% tariffs on imports from Canada and Mexico starting Saturday, citing large trade deficits and the flow of fentanyl as key reasons. He also mentioned that he is still considering whether to include oil from these countries in the tariffs.
President Trump signed an executive order on Wednesday to combat antisemitism, instructing the Department of Justice to take “immediate action” to deport foreign national college students and resident aliens involved in pro-Hamas protests following the terrorist group’s massacre of 1,200 Israelis and the kidnapping of over 250 hostages.
A new study shows there has been a surge in attacks on Christians in Nicaragua over the last two years, with Nicaraguan dictator President Daniel Ortega now specifically targeting evangelical bodies as well as Catholic communities, Christian Daily International (CDI) reports.