Russia passes CBDC legislation: from September next year, companies and banks are required to accept digital ruble payments.

The Russian State Duma swiftly passed the Digital Ruble bill, requiring all national enterprises and banks to support customer payments using the Digital Ruble starting in 2026, aimed at consolidating financial autonomy and impacting the Western sanctions framework. (Background: Russia's new crypto regulations require "Mining to KYC", miners must report income by the 20th of each month) (Additional context: Russia has no plans to build Bitcoin reserves, the Ministry of Finance prefers the yuan and gold.) While most countries are cautiously experimenting with Central Bank Digital Currency (CBDC), Russia has hit the accelerator. The State Duma passed the Digital Ruble bill with overwhelming votes, awaiting approval from the Federal Commission and the signature of President Putin, with the bill set to officially take effect on September 1, 2026. According to the explanation, by then, large enterprises and banks must fully support customer payments using the Digital Ruble; this decision not only rewrites the domestic payment ecology but also hides Russia's attempt to break through the sanctions framework using technology. Legislative process and timeline: from draft to mandatory implementation. According to TASS reports, the bill received overwhelming support in the second and third readings, led by Anatoly Aksakov, chairman of the State Duma's Financial Market Committee. The Central Bank of Russia has earlier published a complete roadmap: large enterprises with annual revenues exceeding 120 million rubles and all banks must provide Digital Ruble services by September 1, 2026; medium-sized enterprises can extend until September 1, 2027, while small businesses and financial startups must comply by September 1, 2028 at the latest. The payment side will uniformly use QR Codes generated for free by the National Payment Card System (NPCS), and merchants with annual revenues below 5 million rubles or without internet coverage can apply for exemption. Bank skepticism and government goals: adjustments under conflicting interests. However, German Gref, president of Russia's largest bank Sberbank, continues to hold reservations about CBDC, stating in an interview: "I really don’t understand why individuals and banks need CBDC." CNews reported that commercial banks are concerned that fee income will be compressed and that system transformation costs are high. Nevertheless, the Central Bank of Russia and the Ministry of Finance still believe that the Digital Ruble can enhance payment speed and transparency and plan to use it for distributing social welfare and government contract payments, hoping to "eliminate welfare fraud and corruption." For internet limitations in remote areas, officials are considering introducing Offline Wallets and SIM card solutions to ensure nationwide usability. Geopolitical calculations: a financial channel to bypass sanctions. Against the backdrop of continued Western sanctions, the Digital Ruble is seen as a strategic weapon for Russia to strengthen its financial sovereignty. Although Gref questioned domestic applications, he also admitted that CBDC could play a role in "cross-border settlement." If a digital currency settlement network is successfully established with BRICS countries, Russia could partially bypass the SWIFT system and reduce the weight of dollar settlements. However, NATO Secretary General Mark Rutte has warned that countries cooperating with Russia may face secondary sanctions, adding uncertainty to the internationalization prospects of the Digital Ruble. Follow-up observations: efficiency improvement and coexistence of risks. Russia chooses to legislate all at once, forming a stark contrast to other countries' pilot models. Whether this speed can ensure technological resilience, information security, and public trust remains to be seen over time. The next two years will be a period of restructuring for the Russian financial system, with the profitability model of commercial banks, infrastructure in remote areas, and political risks in cross-border payments all determining the real influence of the Digital Ruble both domestically and internationally. Related reports: Powell, don’t be afraid! The U.S. Supreme Court has decreed: guarantee the independence of the Federal Reserve, Trump cannot arbitrarily dismiss officials. Fed's Barr warns: Trump is holding back the Fed! Tariff policies will lead the economy back to the "early pandemic". Why does the Fed stick to high interest rates? The Federal Reserve's mouthpiece: Powell is waiting for signals of "sufficiently bad" economic recession; Goldman Sachs expects rate cuts to begin in July. This article was first published in BlockTempo, "The Most Influential Blockchain News Media."