Russian Banks Join Digital Ruble Pilot Program

According to Odaily, the Central Bank of Russia announced that Sberbank, TBank, and Tochka Bank have joined the pilot program for transactions using the digital ruble. Previously, 12 credit institutions, including Alfa-Bank, DOM.RF Bank, Ingosstrakh Bank, VTB, Gazprombank, Ak Bars Bank, MTS Bank, Promsvyazbank, Sovcombank, Sinara Bank, TKB Bank, and Russian Agricultural Bank, became part of the pilot in late November 2024. Currently, a total of 22 banks are set to participate in the pilot, having signed agreements with the Central Bank of Russia and are configuring their systems for the project. The digital ruble represents the third form of Russia's national currency, intended to be issued alongside existing forms of currency, both cash and non-cash. The pilot for the real digital ruble commenced in August 2023, with its widespread use expected to gradually begin from July 1, 2025. By this time, the central bank aims for systemically important credit institutions (SICI) to enable customers to conduct transactions using the digital ruble. Banks that fail to prepare in time will face penalties from the central bank.