Key takeaways
- Sberbank, TBank and Tochka Bank are now part of the digital ruble pilot program.
- By July 2025, major Russian banks must support digital ruble functions or face fines from the CBR.
Sberbank, Russia’s largest lender, has joined the digital ruble pilot program along with TBank and Tochka Bank, according to a statement from the Central Bank of Russia (CBR) reported by Interfax on 28 Dec.
The program previously included 12 credit organizations, with expectations of another 14-15 banks on board by 2025, Olga Skorobogatova, former first deputy governor of the CBR, said in an October statement.
With the participation of the three new banks, the program now includes 15 credit organizations, adding to the existing participants such as VTB, Alfa-Bank, DOM.RF Bank, Ingosstrakh Bank, Gazprombank, Ak Bars Bank, MTS Bank, Promsvyazbank, Sovcombank , Sinara Bank, TKB Bank and Russian Agricultural Bank.
A total of 22 banks have signed agreements with the central bank and are preparing their systems for the project, according to the report.
The digital ruble, which represents the third form of Russian national currency alongside cash and non-cash money, began its pilot phase with real digital rubles in August 2023. The central bank expanded testing from 600 to 9,000 participants starting in October 2024.
Starting in July 2025, Russia’s major banks will be required to support digital ruble functionality for their customers. The central bank announced in September that banks must enable customers to “open and top up digital ruble accounts, make transfers and accept digital rubles in their infrastructure.” Smaller financial institutions will implement these capabilities in the coming years.
Banks that fail to prepare by the deadline will be fined by the CBR. The central bank aims to make the digital ruble widely available, enabling citizens and businesses to “use it freely in the same way as cash and non-cash funds.”
