Double circuit instead of a single one: how the new law on digital currency will divide Russia's payment space
Russian regulation of digital assets is entering a new phase. The law "On Digital Currency and Digital Rights," signed on August 4, creates a unique architecture in which two isolated payment circuits coexist. This is not merely a technical innovation, but a strategic response to global changes in the financial system, where some jurisdictions are abandoning central bank digital currencies (CBDCs), while others are actively adopting them.
The Essence of the Division: Public Inside, Private Outside
The key idea of the law is strict segmentation by purpose. Domestically, from September 1, 2026, acceptance of the digital ruble—a state retail currency that the United States has legislatively rejected until the end of 2030, and that Europe is only designing—becomes mandatory. Externally, conversely, the circulation of private global assets, such as bitcoin and ether, is legalized within an experimental regime for foreign trade contracts.
The logic is simple: domestically, the balance of funds remains with the Bank of Russia, ensuring traceability of settlements and independence from external infrastructure. Externally, an asset that no party to the transaction issues is used—which is critical when correspondent channels become difficult to navigate due to sanctions pressure. These are not two interfaces, but two different data models: in one, the record is created by the platform operator; in the other, by the network, with the bank merely observing.
What Changes for Market Participants
The law introduces a new category—digital depositories—which will maintain records of clients' crypto assets, host primary and backup IT infrastructure in Russia, and compensate for damages in the event of unauthorized debits. Crypto exchanges with own funds of at least 15 million rubles gain legal status. For non-qualified investors, a limit of 300 thousand rubles per year per intermediary is established, with mandatory testing.
Taxation arises only upon sale: 13% on income up to 2.4 million rubles and 15% above that, with a 3-NDFL declaration due by April 30. Importantly, the holding period exemption applicable to other types of property does not apply to digital currency. From July 1, 2027, banks are required to refuse transfers to unlicensed crypto services—the channel for funding foreign platforms through a Russian bank is closed.
Global Context and Risks
Country trajectories are diverging. China, from January 1, 2026, reclassified the digital yuan as a deposit obligation with interest accrual, attempting to return balances to the banking system. India, conversely, reduced the volume of the digital rupee by 24% over the fiscal year, while Brazil shut down the Drex platform, acknowledging problems with privacy and security.
The digital ruble looks modest—as of July 1, just over 25 million digital rubles were in circulation (about $320 thousand for the entire country), but in two months, acceptance will become mandatory for companies with revenue exceeding 120 million rubles. This will create a forced flow from bank balances into a central bank liability—exactly what everyone else is avoiding.
Analytical conclusion: The question for the next year and a half is not whether the contours of different countries will align, but whether Russia will repeat the Chinese maneuver—accrue income or otherwise return balances to banks. The answer will be visible in the dynamics of the deposit base by the end of 2027. For now, the market receives a tool for foreign trade and strict internal control—a duality that will become a test for the entire financial system.