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Russia’s largest bank joins digital ruble pilot program
Sberbank, the largest bank in Russia, has joined the digital ruble pilot program alongside TBank and Tochka Bank, according to a statement from the Central Bank of Russia (CBR) reported by Interfax on December 28. The move marks another significant milestone in the country’s efforts to expand access to digital currency.
As of October, the program had already included 12 credit organizations, with expectations for an additional 14-15 banks to join by next year, according to Olga Skorobogatova, former First Deputy Governor of the CBR. The latest development brings the total number of participants in the pilot phase to 15.
The digital ruble, Russia’s third form of national currency alongside cash and non-cash money, commenced its pilot program with real digital rubles back in August 2023. As the initiative expands, so does the scope of testing. In October, it was reported that the CBR had increased the number of participants from 600 to 9,000.
As a result of this growth and the approaching deadline, major Russian banks will be required to support digital ruble functionality for their customers by July 2025. This includes enabling the opening and topping up of digital ruble accounts, processing transfers, and accepting digital rubles within their infrastructure. Failure to comply with these demands may result in fines imposed by the CBR.
The central bank’s goal remains clear: to make the digital ruble widely accessible to citizens and businesses alike, allowing them to use it on an equal basis with cash and non-cash funds.
Source: cryptobriefing.com
