Wildberries and Ozon Prepare for CBDC Integration
Russia's dominant online marketplaces, Wildberries and Ozon, are set to launch digital ruble payments in the coming weeks. The move coincides with Moscow's preparations to enforce a new crypto law and begin introducing its state-issued coin starting September 1.
Representatives for the e-commerce giants announced their plans to the RIA Novosti news agency. Ozon stated that it will accept the digital ruble in a test mode starting September 1, alongside other payment methods, and will gradually expand the option to all customers. A spokesperson for Wildberries stated that the company is acting in accordance with the requirements of the Bank of Russia and current regulations, without mentioning a testing period.
Rollout Schedule and Banking Requirements
Russia's central bank digital currency (CBDC) system has been under development for several years, with initial transaction trials commencing in 2023. According to the latest schedule adopted by the Central Bank of Russia (CBR), large retail chains with annual revenues exceeding 120 million rubles (nearly $1.5 million) must be ready to accept digital rubles by September 1, 2026. Russia's biggest commercial banks are also required to process digital ruble transactions for clients by that date.
Smaller banks and retailers with annual revenues over 30 million rubles (around $360,000) have until September 1, 2027, to adapt. A grace period extending to September 1, 2028, is designated for all other banking service providers and businesses.
The digital ruble serves as the third incarnation of Russia’s national currency, following cash and electronic bank money, and will function as universal legal tender. Alla Bakina, director of the CBR's National Payment System Department, emphasized that all systemically important banks are ready for implementation. Customers will be able to open digital ruble wallets within their banking apps starting next month.
Crypto Payments Remain Banned
Ozon and Wildberries connect third-party merchants with millions of retail customers through extensive warehouse and pickup point networks. While Wildberries previously announced a pilot of crypto payments in Belarus, decentralized digital money will not be utilized in the Russian market.
Russia's recently adopted law titled "On Digital Currency and Digital Rights" legalizes crypto investment and trading while permanently banning direct payments utilizing decentralized digital money.
