CBR expanding digital ruble pilot to 17 new banks, lenders have signed participation documents

MOSCOW. Jan 31 (Interfax) - The Central Bank of Russia (CBR) will expand the digital ruble pilot to 17 new participating banks, the regulator said in a statement.

The Central Bank has been conducting the pilot with real digital rubles since August 15, 2023. The first stage of the test is being held in Friends and family mode with the participation of about 600 individuals from among the employees of 13 banks. It is expected that in 2024 the pilot will be expanded to include more banks, as well as legal entities and individuals.

"Another 17 banks are preparing to join the digital ruble pilot. They have already signed an agreement to join the CBR's digital ruble platform and are now setting up their systems to enter the pilot when it is expanded," the Central Bank said in a statement.

Among the new participants in the pilot are Sberbank , Tinkoff Bank , RusAg Bank, Russian Standard Bank, Novikombank, Tochka Bank, settlement NCO Dengi.Mail.Ru, Expobank, RNCB, AB Rossiya, SME Bank, VBRR, Orenburg Bank, Primtercombank, Rosdorbank , Center-Invest Bank and Kuban-Credit.

The digital ruble is the third form of the Russian national currency, which the Bank of Russia plans to issue in addition to the existing forms of money (cash and non-cash). Completion of testing and introduction of the digital ruble into widespread circulation is expected to begin gradually from 2025. Payments and transfers of digital rubles for citizens will be free of charge. At the same time, the amount of replenishment of the digital ruble wallet at the expense of funds placed on bank accounts is limited to 300,000 rubles per month. The fee for businesses for accepting payment for goods and services with digital rubles will be 0.3% of the payment amount, but no more than 1,500 rubles, the Central Bank said.