By crypto.news | Created at 2024-11-27 08:41:09 | Updated at 2024-11-27 11:39:30
3 hours ago
The Russian Ministry of Industry has proposed a two-year transition period for implementing digital ruble payments in retail over infrastructure concerns.
The Russian Ministry of Industry has called for a two-year transition period before the mandatory adoption of payments using the central bank digital currency — also known as the digital ruble — citing concerns over unprepared infrastructure.
In a response to a draft law that would make digital ruble payments mandatory for large retailers by July 2025, the ministry warned that the rushed implementation of the system could create serious challenges for businesses, Russia’s state-controlled media outlet Izvestia reports.
The proposed legislation includes a provision requiring retailers to provide customers with the option to pay using the digital ruble. According to the draft, large federal retailers must comply by July 2025, while smaller businesses may receive a delayed implementation depending on annual revenue.
More time needed for CBDC adoption
However, the Ministry of Industry outlined in a response to the government’s proposal the lack of clear operational guidelines for the digital ruble, the report reads. The ministry particularly emphasized the need for additional time to finalize software, update information systems, conduct testing, and train staff.
To reduce these risks, the ministry is reportedly calling for a two-year transition period to give businesses time to adjust to the new system.
As crypto.news previously reported, Russia’s central bank governor, Elvira Nabiullina, stated that if pilot programs for the digital ruble proceed as planned, the country could launch the digital currency in a “mass implementation” by July 2025. However, she noted that the transition will be gradual.
The head of the Bank of Russia also noted that the widespread adoption of Russia’s CBDC could take five to seven years, emphasizing that it will be a “natural process” driven by the needs and convenience of businesses and consumers.
