Sberbank, Russia's largest lender, aims to begin offering digital ruble transactions to its customers in early 2025, according to a senior bank executive.
Sberbank's Plans
Sberbank plans to start operations with customers using the digital ruble in early 2025. This move is part of a broader plan that includes about 20 financial institutions participating in the second round of testing the central bank digital currency (CBDC). According to Anatoly Popov, the bank is ready to conduct real operations using the digital ruble.
Digital Ruble Testing Stages
The prototype of the digital ruble was developed by the Bank of Russia in December 2021. Testing began in 2022, and by August 2023, employees and clients of 13 Russian banks participated in pilot transactions. In September 2024, the Central Bank expanded the pilot project to include up to 9,000 individuals and 1,200 companies, compared to 600 individuals and 22 companies previously.
Context and Prospects
In July 2024, the Bank of Russia indicated that the digital ruble could become broadly available by July 2025. The bank assured that the digital ruble would complement, not replace, existing cash and non-cash rubles. An example for Russia is China, which began paying state salaries in the city of Changshu with its digital currency — the digital yuan — to boost its adoption.
Sberbank and other financial institutions are actively working on implementing the digital ruble. This step is a significant milestone for the Russian economy, following the example of China and other countries developing their own digital currencies to enhance control and convenience of financial transactions.
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