Sberbank, TBank, Tochka Bank join Russian digital ruble pilot

The Central Bank of Russia said on its website that Sberbank, TBank and Tochka Bank have become participants in the pilot program for transactions using the real digital ruble. Previously, a total of 12 credit institutions 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 the pilot in late November 2024. A total of 22 banks currently plan to join the pilot and have signed agreements with the Central Bank of Russia and are configuring their systems to participate in the project. The digital ruble is the third form of Russian national currency, which the central bank plans to issue along with existing forms of currency (cash and non-cash). The pilot of the real digital ruble began in August 2023, and its widespread use is expected to begin gradually from July 1, 2025. By then, the central bank aims to require systemically important credit institutions (SICI) to provide customers with the ability to transact in digital rubles, and banks that fail to prepare in time will face fines from the central bank. (Interfax)