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 1999-2024 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
Latest Stories from Worthy News
Hundreds gathered in the center of Amsterdam Thursday to rally against rising antisemitism after the Dutch capital’s first pogrom since World War Two and an attack on pro-Israel group Christenen voor Israel (‘Christians for Israel’).
The Biden administration is moving forward with a $680 million arms package to Israel, including thousands of Joint Direct Attack Munition (JDAM) kits and hundreds of small-diameter bombs, a U.S. official confirmed Wednesday, as reported by the Financial Times.
A confidential clause in the U.S.-Israel side agreement to the Lebanon ceasefire, known as the “Iranian clause” and reportedly focusing on Iran, was a key element of Israel’s acceptance of the ceasefire agreement with Lebanon.
The well-known Jewish neighborhood of Hendon in London, England, has been targeted with leaflets containing the words “Every Zionist needs to leave Britain or be slaughtered,” GB News reported on Wednesday, November 27. The message was written in both English and Hebrew.
As Islamic jihadists continue a relentless campaign of murder, abductions, and displacement against Christians in northern Nigeria, communities of local believers are joining together to pray and to support one another, including with finances to pay extortionate ransoms for kidnapped loved ones, International Christian Concern (ICC) reports.