As a seasoned researcher with a keen interest in global finance and digital currencies, I find myself intrigued by Russia’s ambitious plans to introduce the digital ruble. Having closely followed China’s successful implementation of the digital yuan, it’s fascinating to see another major economy taking steps towards a state-controlled digital currency.
In early 2025, it is planned that Sberbank, the biggest financial institution in Russia, will initiate digital ruble transactions for its clients, as announced by a high-ranking bank official.
Starting from early 2025, Russia’s major banking institution, Sberbank, intends to initiate transactions involving the central bank’s digital currency, often referred to as the digital ruble, for its customers – a fact confirmed by Anatoly Popov, Sberbank’s deputy CEO, in an interview with Reuters.
Sberbank, one of Russia’s banks, is anticipated to participate in the second phase of testing Central Bank Digital Currency (CBDC) alongside approximately 20 other financial entities. According to Popov, the bank intends to initiate real-world transactions with customers involving the digital ruble as early as 2025.
In December 2021, the Bank of Russia introduced a prototype for a digital ruble. This testing phase commenced in 2022. By August 2023, clients and staff members from 13 Russian banks had been involved in trial transactions. Then, in early September 2024, the central bank broadened this pilot project to involve up to 9,000 individuals and 1,200 companies – a significant increase from the initial group of approximately 600 individuals and 22 companies.
By mid-2025, it’s expected that the digital ruble – Russia’s digital currency – could be widely accessible. It’s important to note that the digital ruble is intended to supplement, not replace, the current cash and non-cash rubles in circulation. China, a significant influence on Russia’s digital currency plans, has already started disbursing state wages in Changshu using its own Central Bank Digital Currency (CBDC), the digital yuan, as an effort to accelerate the use of their state-managed currency.
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2024-09-03 12:21