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The Bank of Russia has decided to extend the trial period for the digital ruble, postponing the full implementation of the project until a later date. According to the new arrangements, all transactions carried out with the digital currency will be free of charge until the end of 2025. This decision is aimed at increasing the adoption of the new means of payment among citizens and businesses, while preparing the market for the full launch of the system.
Key Changes and Schedule
1. Extension of the pilot period
The initial plan was to launch the full system earlier, but the Ministry of Industry and Trade drew attention to the need for additional time to adapt the technological infrastructure. The Bank of Russia decided to extend the test period until 31 December 2025 year, providing all users with free access to transactions.
2. Introduction of fees from 2026
From January 2026, fees will be introduced for using the digital ruble:
- For enterprises:
- 0,3% of the value of payments for goods and services (maximum 1500 rubles).
- 0,2% for municipal sector companies (maximum 10 rubles).
- 15 rubles for inter-company transfers.
- For citizens: All transactions will remain free.
3. Government position
Although some retail chains reported their lack of preparation for the new payment method, the chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov, believes that large trading entities will be ready to implement the platform 1 July 2025 year.
The meaning of the Digital Ruble
The digital ruble is a national digital currency that aims to facilitate payments, reduce transaction costs, and increase control over money circulation. Unlike cryptocurrencies, it is a centrally managed means of payment, guaranteed by the state.
benefits:
- Transaction Security: All operations carried out using the digital ruble are monitored by the Central Bank.
- No fees for citizens: Free transaction model encourages widespread use.
- Simplifying financial processes: With the digital ruble, citizens and businesses can minimize the use of cash.
Challenges:
- Technological preparation: Retail chains report problems with the adaptation of IT systems.
- Privacy concerns: Central Bank's full control over transactions raises questions about financial data privacy.
- Costs for companies: The introduction of fees may discourage businesses from using the digital ruble.
Development Prospects
The Ministry of Industry and Trade emphasizes that the project requires further technical work, but the Bank of Russia is convinced of the interest of citizens in the new form of payment. Initial tests have shown that the technology works well, and payments in stores can be made without any problems.
Expert Opinions
According to Anatoly Aksakov:
“The digital ruble is a step towards a modern financial system that will revolutionize the way citizens and businesses transact.”
However, experts point out the challenges that full control over the currency by the Central Bank brings. Many people fear that it could lead to a restriction of financial freedom.
Technical Data of the Digital Ruble
- Issuer: Bank of Russia
- Status: In pilot phase until December 31, 2025
- Charges: Free until the end of 2025, from 2026 introduction of fees for companies
- Purpose: Making payments easier, increasing transparency and reducing transaction costs
Summation
The digital ruble is an innovative project that could revolutionize the Russian financial system. However, its full implementation requires solving technological problems and market adaptation. From the perspective of citizens, the lack of fees is a big advantage, but businesses may face difficulties related to additional costs.
Does the digital ruble have the potential to become a standard in Russia? Time will tell, but the Bank of Russia's decision to extend the test period indicates a cautious approach to implementing this innovative solution. As Satoshi Nakamoto used to say:
“Trust is not required when the system is transparent.”
The digital ruble has a chance to gain popularity if it meets these criteria.
