As a researcher with extensive experience in digital currencies and financial systems, I understand the importance of a well-planned transition when it comes to implementing new technologies like the Central Bank Digital Currency (CBDC). The Russian Ministry’s call for a two-year transition period seems prudent given the potential challenges that businesses might face during such a transformation.
The Russian Ministry of Industry suggests allowing a span of two years to adapt to making digital ruble transactions in retail stores due to issues related to the underlying infrastructure.
The Russian Ministry of Industry proposes a two-year adjustment phase prior to enforcing transactions with the central bank’s digital currency, or the digital ruble, due to apprehensions about inadequately prepared infrastructure.
As a researcher delving into the implications of proposed legislation, I find myself expressing concerns over a draft law mandating digital ruble payments for large retailers by July 2025. The swift execution of this system may potentially pose significant hurdles for businesses, as reported by Russia’s state-controlled media outlet Izvestia.
Under consideration is a law that mandates stores offer customers an opportunity to pay with the digital version of the national currency, known as the digital ruble. As per the draft, major federal retailers are expected to implement this by July 2025, whereas smaller businesses may be granted an extension based on their annual revenue.
More time needed for CBDC adoption
In their response to the government’s proposal, the Ministry of Industry highlighted that there were no specific instructions on how the digital ruble should be operated. Specifically, they requested more time to complete software development, update existing systems, perform tests, and educate staff before proceeding.
To minimize potential issues, it’s said that the ministry is advocating for a span of two years as a transition phase, allowing businesses the necessary time to adapt to the novel system.
According to previous reports on crypto.news, Elvira Nabiullina, governor of Russia’s central bank, mentioned that if everything goes as scheduled with the pilot projects for the digital ruble, the nation could initiate a widespread rollout of this digital currency as early as July 2025. She emphasized though, that the transition process is expected to be a gradual one.
The leader of the Bank of Russia mentioned that it might take between five to seven years for the general use of Russia’s Central Bank Digital Currency (CBDC) to become commonplace. He highlighted that this transition would occur organically, responding to the demands and advantages for both businesses and consumers.
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2024-11-27 11:40