- Russia is moving forward with a proposal requiring banks and merchants to implement the digital ruble, the national central bank’s digital currency (CBDC), through a law introduced in the State Duma.
- By introducing a digital ruble, Russia could potentially lay the groundwork for accepting cryptocurrencies, particularly Bitcoin, within its financial system.
The draft of the proposed law has been submitted Russian State Duma make digital ruble mandatory for banks and merchants, along with implementing a universal QR code payment system to make payment processes more efficient, thus supporting the efficient use of digital ruble. According to the law, companies with an annual revenue of more than 30 million are obliged to enable payments in rubles, with the threshold being reduced to 20 million rubles by July 2026.
The chairman of the State Duma Committee for Financial Markets, Anatoly Aksakov, led the proposal to be officially submitted to the electronic database of the lower houses. The proposed law outlines a phased introduction of the digital ruble, starting on July 1, 2025, initially targeting systemically important banks that play a key role in maintaining national economic stability.
Consumer protection laws will require retailers and banks to adhere to these standards to improve general acceptance. Furthermore, the bill mandates that QR codes must be used for digital laundry transfers, including payments to companies, notaries public, lawyers and various professionals, unless the digital laundry platform specifies other methods.
Is digital ruble a catalyst for crypto adoption?
As Russia takes bold steps toward digitization, questions are being raised about the future of cryptocurrencies in the country. Digital ruble could serve as a precursor to more comprehensive cryptocurrency legislation. Analysts speculate that the ease of transactions enabled by digital currency could create a favorable environment for Bitcoin and other digital currencies to flourish.
This legislative measure comes at the same time as a surge in national interest in crypto operations. Russia’s sovereign wealth fund has recently invested in Bitcoin mining among the BRICS nations, along with efforts to reduce the dollar’s influence on the nation.
In accordance with this trend, the Council of the Russian Federation approved a federal account which introduced new taxes on cryptocurrency transactions, passed on November 27. This law classifies digital currencies as property and imposes a personal income tax of 13% to 15% on the sale of cryptocurrencies, while exempting Russian crypto miners from value added tax (VAT) on mined coins. The new rules require miners to register with the Federal Tax Service and provide detailed information about their assets and wallet addresses.
As the country explores the potential of cryptocurrencies, Russian Finance Minister Anton Siluanov he stated that although the country is open to the idea of creating a strategic Bitcoin reserve, the current time is not right due to the volatility risks inherent in cryptocurrencies. Despite acknowledging the significant profits that crypto investments can bring, Siluanov emphasized that cryptocurrencies are less predictable than more established assets.
