Outside Source
The Bank of Russia has approved a new rule that will allow banks to block operations with digital rubles for days if they appear to be linked to fraud.
The Bank of Russia has introduced new rules requiring banks to suspend digital ruble transactions for up to two days if they are suspected to involve fraud. The directive, which aims to “protect citizens and organizations” from fraudulent activity, will come into effect on Feb. 23, 2025, the central bank said in a press release.
“Banks will be required to suspend client instructions for transactions with digital rubles for two days if they show signs of fraud.”
The Bank of Russia
The central bank said that if a suspicious digital ruble transaction is detected, the bank will alert the customer about possible fraud. Customers will have 24 hours to confirm or cancel the transaction. If they don’t respond, the funds will stay in their digital wallet. The central bank added that these measures are similar to those already used for regular payments.
Russia has been piloting its central bank digital currency since August 2023, and it’s expected to be available for widespread use by mid-2025. Central bank governor Elvira Nabiullina earlier confirmed that if the pilot projects are successful, the digital ruble will be rolled out in a “mass implementation” by July 2025. However, she noted that the transition will likely take several years to complete.
In a consultation paper from October 2020, the central bank reassured citizens that the proposed CBDC will complement, not replace, existing cash and non-cash rubles in circulation. In contrast, China, a key benchmark for Russia’s digitization efforts, has begun paying civil servants in Changshu state salaries using its own CBDC, the digital yuan, to encourage the adoption of the state-controlled currency.
This article first appeared at crypto.news
