Russia advances plans for digital ruble adoption, mandating businesses to accept Central Bank Digital Currency
The digital ruble pilot, a significant step towards digitalizing the Russian economy, is progressing, but with some delays. Initially scheduled for a mass rollout in July 2025, the second wave of banks that onboarded in January 2024 has yet to join the pilot.
As of now, a second wave of 20 banks is still in the process of onboarding to the digital ruble pilot. Russia's largest bank, Sber, which was amongst the second group to onboard, is not yet part of the pilot. The search results do not provide the names of the 20 banks still in the process of joining the Russian central bank's digital ruble pilot program as of September 2024.
Despite these delays, the digital ruble pilot has seen an expansion in the number of participants and merchants since September. The central bank relaxed some restrictions for the pilot, increasing the participant limit from 600 to 9,000 and the number of merchants from 22 to 1,200.
By July 2025, the largest banks will be obligated to support the digital ruble. They will have to open and top up digital ruble accounts, make transfers, and accept digital rubles. The Bank of Russia's central bank digital currency (CBDC) is scheduled for a mass rollout in July 2025, with the largest banks preparing to support the digital ruble.
The digital ruble pilot is a crucial step towards modernizing the Russian economy, making transactions faster, more secure, and more efficient. The central bank digital currency is expected to complement, not replace, physical cash and bank accounts, providing an additional payment option for consumers and businesses.
As the digital ruble pilot continues to progress, the focus remains on ensuring a smooth and secure transition for all participants. The central bank and the participating banks are working together to address any challenges and ensure the successful implementation of the digital ruble by July 2025.
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