In a move to accelerate the adoption of its central bank digital currency (CBDC), Russia is set to make the digital ruble mandatory for banks and large merchants by 2025. A bill introduced to the State Duma aims to promote widespread use of the digital ruble through universal QR code payments. This development marks a significant step towards the country’s goal of increasing the use of its digital currency.
Mandatory Adoption for Banks and Merchants
The proposed bill requires banks and large merchants to accept and use the digital ruble, paving the way for its integration into the country’s financial system. This move is expected to facilitate faster and more secure transactions, as well as reduce the reliance on physical cash.
Universal QR Code Payments
To promote the use of the digital ruble, Russia plans to introduce universal QR code payments, allowing users to make transactions easily and efficiently. This system is expected to be widely adopted, making it easier for consumers to use the digital ruble in their daily transactions.
Implications and Next Steps
The introduction of the digital ruble as a mandatory payment method is expected to have significant implications for Russia’s financial system. As the bill progresses through the State Duma, it is likely to undergo further review and refinement before being implemented in 2025.
Source: News.bitcoin.com
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