Russia passes law to implement digital ruble and universal QR code

Russian lawmakers have approved a bill requiring banks and retail investors to implement support for the digital ruble by next year, along with the adoption of a global QR code for payments. This new law comes after the Bank of Russia proposed a phased introduction of the digital currency, starting from September 2026. Major banks will need to be ready to process digital ruble transactions by September 1, 2026, while smaller banks have until September 2028. The law also requires banks not to charge fees for the services of the single QR code operator, NSPK. Although the digital ruble has not yet been applied to cross-border transactions, it is seen as a tool to support Russia's foreign trade amid sanctions.