Bank of Russia Tightens Digital Ruble Wallet Rules, Raising Access Hurdles
The Bank of Russia updated its rules for opening digital ruble wallets, introducing additional verification steps and administrative requirements that observers say will make the process more cumbersome for everyday citizens and small businesses. The revised framework shifts more responsibility onto banks and payment providers to enforce tighter controls, increasing paperwork and likely lengthening account setup times.
The move matters because it could slow consumer uptake of the digital ruble and raise operating costs for merchants and fintechs that had been preparing for wider rollout. Stricter onboarding and compliance create barriers to convenience and may push some users toward cash or alternative payment channels, complicating the central bank's plans to modernize payments while maintaining strong AML and monitoring capabilities.