28 Dec 2024 15:36

Russia's Sberbank, TBank, Tochka Bank join digital ruble pilot

MOSCOW. Dec 28 (Interfax) - Sberbank , TBank and Tochka Bank have become participants in the pilot program for conducting transactions with real digital rubles, the Central Bank of Russia said on its website.

Previously, 12 credit organizations participated in the pilot: Alfa-Bank, DOM.RF Bank, Ingosstrakh Bank, VTB , Gazprombank , Ak Bars Bank , MTS Bank , Promsvyazbank , Sovcombank , Sinara Bank, TKB Bank and Russian Agricultural Bank, which joined in late November 2024.

A total of 22 banks plan to join the pilot. They have signed agreements with the Central Bank and are configuring their systems to participate in the project.

The digital ruble is the third form of the Russian national currency which the Central Bank plans to issue alongside existing forms of money (cash and non-cash). The pilot with real digital rubles began in August 2023. The introduction of the digital ruble into widespread use is expected to start gradually from July 1, 2025. By this time, the Central Bank aims to require systemically important credit institutions (SICI) to offer customers the ability to conduct transactions in digital rubles. Banks that fail to prepare in time will face fines from the CBR.