Russia’s largest bank, Sberbank, has joined the digital ruble pilot with Tbank and Tochka Bank. The program began with 12 banks and now involves 15, with a goal to reach 22 banks by 2025. This marks a significant step in Russia’s CBDC initiative.
The digital ruble will coexist with cash and non-cash funds, enhancing transaction efficiency. By July 1, 2025, key institutions must enable digital ruble transactions, or face penalties. The phased rollout seeks to seamlessly integrate digital currency into Russia’s financial system, improving access to digital services.