Russian Central Bank to include another 14-15 banks in digital ruble pilot program in 2025

SOCHI. Oct 17 (Interfax) - The Russian Central Bank expects another 14-15 banks to join the digital ruble pilot program in 2025, CBR First Deputy Governor Olga Skorobogatova said at the Finopolis forum.

"Currently, the figure is 12 banks. Another three banks will join the platform in the near future, and next year we're expecting about another 14-15 banks, which as a whole on account of their market share will make it possible to provide digital ruble services to about 80% of clients who use financial services," Skorobogatova said.

The digital ruble is a third digital form of the national currency that has been designed to expand the options for making payments and funds transfers. Digital ruble transactions have been piloted since August 15, 2023, with around 600 individuals from among employees of 12 banks taking part in the first phase.

The second pilot phase started in September 1, 2024 and has been expanded to allow for more participants, namely 9,000 individuals, previously 600, and 1,200 trade and service companies (TSCs), previously 22. It is anticipated that another 19 banks will join the second pilot phase at a later stage.

Currently, six systemically important banks are taking part in the pilot: Alfa-Bank, VTB , Promsvyazbank , Rosbank , Gazprombank and Sovcombank . The second group will include a further three large banks - Sberbank , Russian Agricultural Bank and TBank .

The digital ruble is expected to be introduced into wide circulation from July 1, 2025.