Key crypto milestones arrive in September: Russia CBDC launch, SEC roundtable, South Korea pilot

Russia’s digital ruble rolls out nationwide

On September 1, Russia’s long-awaited central bank digital currency (CBDC) officially launches. The country’s 12 largest banks classified as systemically important, along with major retailers generating more than 120 million rubles in annual revenue, are required to accept digital ruble payments starting that day. The new payment option is set to modernize Russia’s retail and banking ecosystem, providing instant, traceable transactions.

Participation for individual citizens remains optional, but recent polling shows that 46% of Russian citizens are already prepared to use the digital ruble. Observers note that this phase marks the first substantial step toward broad national adoption of a CBDC by a major economy.

Concurrently, Russia will enact its first comprehensive law recognizing cryptocurrency as property, which establishes a regulatory framework for licensed crypto exchanges and places the sector under central bank supervision. President Vladimir Putin signed this legislation on August 4, laying the groundwork for further official integration of digital assets into the Russian economy.

September 1 marks the launch of Russia’s digital ruble and the implementation of the country’s new crypto law, with banks and major retailers required to accept digital payments and regulators taking charge of the crypto exchange market.

Mini dictionary: SMQKE – A cryptocurrency-focused researcher known for tracking global crypto events and regulatory developments, with a significant audience on X (formerly Twitter).

South Korea’s Project Hangang steps up

South Korea is also expanding its digital currency initiatives next month. The Bank of Korea begins Phase 2 of Project Hangang, its central bank digital currency pilot, which introduces two new regional banks, tests government subsidies via tokenized bank deposits, and pilots peer-to-peer transfers—features not trialed in earlier phases. Up to 500,000 users are expected to participate through nine partner banks, making this one of the largest real-world CBDC pilots globally.

Mini dictionary: Project Hangang – The Bank of Korea’s multi-stage CBDC experiment, aimed at evaluating digital won use in commercial banking, retail payments, and government disbursement infrastructure.

Regulatory activity in the US: SEC and Federal Reserve

Regulatory momentum is also building in the United States. On September 17, the US Securities and Exchange Commission is scheduled to hold a public roundtable at its Washington headquarters to discuss 24-hour equity trading. The meeting will focus on the implications, infrastructure requirements, and potential benefits and risks of extending trading hours beyond traditional US market times.

Meanwhile, the Federal Reserve’s FedNow service is preparing for potential developments in cross-border payments this September. The central bank proposed allowing intermediaries into FedNow transfers earlier this year, allowing for the possibility of instant payments across national borders. While a final rule is yet to be confirmed, the Clearing House, a major US payments network provider, has targeted September for live deployment of enhanced correspondent banking on its Real-Time Payments (RTP) network.

Key legislative and industry events

September 15 is the date set for the cloture vote on the CLARITY Act, a proposed regulatory framework for digital assets currently under debate in the US Senate. The measure needs 60 votes to advance, but unresolved topics include ethics, anti-money-laundering provisions, and oversight of decentralized finance protocols. As these issues are addressed, the legislative calendar adds further significance to the month’s activity.

Alongside governmental proceedings, SWIFT’s annual Sibos conference, a leading financial industry event, will convene from September 28 to October 1 in Miami. The conference, which regularly attracts over 10,000 finance and banking professionals, runs under the theme “Digital Finance for AI-driven Economies” this year and will be held in Miami for the first time.