Russia's leading financial institution, Sberbank, is preparing to offer its customers access to the country's central bank digital currency (CBDC), known as the digital ruble, by early 2025. This initiative is a significant step in Russia’s plan to modernise its financial system. Sberbank’s deputy chief executive, Anatoly Popov, has confirmed that the bank plans to start actual operations with the digital ruble once the second round of testing concludes.
Sberbank is one of the key participants in Russia's digital ruble project, joining around 20 other banks in the second phase of testing. The Bank of Russia initially developed the digital ruble prototype in December 2021, and testing began in 2022. By August 2023, clients and employees from 13 Russian banks had already participated in pilot transactions, indicating strong progress in the testing phase.
In early September 2024, the Bank of Russia significantly expanded the digital ruble pilot programme. The expansion included up to 9,000 individuals and 1,200 companies, a marked increase from the earlier phase, which involved around 600 individuals and 22 companies. This expansion is a crucial step towards the anticipated broader rollout of the digital ruble, expected to be available for public use by July 2025.
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Popov emphasised that Sberbank’s customers would be able to start engaging in digital currency operations by early 2025, aligning with the broader schedule outlined by the Bank of Russia. The digital ruble is designed to complement, not replace, existing cash and non-cash rubles, ensuring a seamless integration into Russia’s financial ecosystem.
Russia’s digital ruble project draws inspiration from similar efforts in other countries, particularly China. The Chinese government has already begun paying state salaries in the city of Changshu using its central bank's digital currency, the digital yuan. This move aims to boost the adoption of the state-controlled currency, offering a potential model for Russia as it continues its digital currency testing phases.
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As Russia progresses with its digital ruble testing, Sberbank’s involvement will be pivotal in driving the currency's adoption. With its vast customer base and significant influence in the financial sector, Sberbank is well-positioned to lead the transition towards a digital economy in Russia.
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