by Mike Maharrey, Gold Seek:

Russia plans to introduce central bank digital currency for public use next year. This is another step forward toward a completely cashless society and a step backward for financial privacy.

According to a press release from the Bank of Russia, digital rubles will be available to the public by July 1, 2025, and the system will roll out over three years. According to the press release, consumers will make payments with digital rubles using a universal QR code based on the National Payment Card System.

“Major banks will have to give their clients an opportunity to conduct transactions with digital rubles, namely to open digital ruble accounts and deposit cash thereto, make funds transfers, as well as receive digital rubles via the relevant infrastructure. The regulator plans to launch a large-scale use of the digital national currency from that moment on. It is important that the digital ruble is available to both individuals and businesses and that they are able to use it freely, just like other ruble forms (physical money or bank deposits).”