Russia Announces 2026 Launch for Digital Ruble

Russia's State Duma has approved legislation to launch the digital ruble on September 1, 2026. Despite this announcement, a recent poll reveals that a significant number of Russians are hesitant to embrace this central bank digital currency (CBDC). CBDCs are digital versions of a country’s fiat money, issued by central banks and regulated by them. Unlike cryptocurrencies, which operate in a decentralized manner, CBDCs maintain control over their circulation and transactions by sovereign authorities. According to a survey conducted by the state-backed VTsIOM, 51% of participants expressed reluctance to use the digital ruble, while only 35% indicated a willingness to try it. Many respondents, specifically 40%, saw no advantages to the digital currency, and concerns over data privacy and government monitoring were prevalent among 12% and 8%, respectively. Additionally, just 7% felt sufficiently informed about the initiative. The approved legislation requires businesses with annual revenues exceeding 120 million rubles to accept digital ruble payments starting September 1, 2026. Mid-sized enterprises will have to comply by 2027, while all other businesses have until 2028. Furthermore, the law introduces a free universal QR code payment system administered by the National Payment Card System, which oversees Russia’s Mir network. Although the bill has passed, it still awaits approval from the Federation Council and President Vladimir Putin, with these approvals considered procedural. Lawmakers argue that the phased initiation and QR code requirement will lower transaction costs and encourage adoption. However, small businesses lacking internet access and those with annual sales below 5 million rubles are exempt from these regulations. Since 2023, the Central Bank of Russia has been conducting consumer pilot programs for the digital ruble, initially aiming for a rollout on July 1, 2025. Officials presented the CBDC as a means to modernize the payment system and lessen dependence on Western financial networks amid ongoing sanctions, although its launch faced delays due to resistance from merchants and banks, including Sberbank.