The Bank of Russia has announced the commencement of the digital ruble's usage. Starting September 1, major banks and retail companies will establish the infrastructure needed for transactions using this new form of the national currency.
Citizens will have the option to open an account on the Central Bank's platform through the applications of participating banks.
Individuals and businesses will each be allowed a single account, while individual entrepreneurs can maintain two accounts: one for personal use and another for business purposes.
Individuals will be able to top up their digital ruble accounts from their bank accounts with a monthly limit of up to 300,000 rubles. There is no limit set for business accounts.
The digital currency will facilitate transfers, payment for purchases, refunds, and budgetary payments. Both individuals and companies will have unrestricted access to their digital wallets.
For individuals, payments and transfers in digital rubles will incur no charges. Businesses will not face fees until the end of this year, but starting in 2027, individual entrepreneurs and companies will be subject to tariffs.
The Bank of Russia has also permitted banks that are not mandated by law to establish infrastructure this fall to connect to the platform if they wish to launch digital ruble services sooner.
It is noteworthy that in June, the Plenary Session of the Supreme Court of Russia included digital rubles, digital rights, and cryptocurrencies as subjects of theft in cases related to theft.