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<div class="intro-text">
 Russia’s largest bank, Sberbank, will start offering the country’s central bank digital currency (CBDC), the digital ruble, to its customers by early 2025.
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Anatoly Popov, Deputy Chief Executive of Sberbank,<a href="https://www.moscowtimes.ru/2024/09/03/intervyu-sberbank-rasschityvaet-nachat-operatsii-s-klientami-v-tsifrovykh-rublyakh-v-nachale-2025-goda-a141054" rel="noopener noreferrer nofollow"> reportedly</a> confirmed the bank’s involvement, alongside around 20 other financial institutions, in the second phase of the Bank of Russia testing program for the CBDC. Notably, the Russian central bank had<a style="color: #0000ff;" href="https://tass.ru/ekonomika/21484937?data=2348crypto4983news83" rel="noopener noreferrer nofollow"> previously indicated</a> that the digital ruble could be available for widespread use by July 2025.
The central bank<a href="https://www.cbr.ru/eng/press/event/?id=12692" rel="noopener noreferrer nofollow"> introduced</a> the prototype for the CBDC in December 2021 and began testing it in 2022 with clients and employees from 12 Russian banks. On August 30, 2024, the Bank<a href="https://www.pravda.ru/news/economics/2056100-cifrovoi-rubl/" rel="noopener noreferrer nofollow"> announced</a> that a new phase in its pilot program would begin on September 1.
This phase will expand the participant pool to 9,000 individuals and 1,200 companies, a substantial increase from the previous phase’s 600 participants and 22 firms. The latest phase will introduce dynamic QR code payments and business-to-business transfers, with participants already able to deposit funds into CBDC accounts.
This development comes as<a href="https://defi-planet.com/2024/08/russias-central-bank-considering-new-investor-class-for-crypto-trading/" rel="noopener noreferrer nofollow"> report</a>s indicate that the Russian central bank is considering a proposal to amend the existing financial regulatory framework to create a new category of “qualified investors” authorized to trade cryptocurrencies. Alexey Guznov, State Secretary and Deputy Governor of the Bank of Russia suggested that discussions are underway to allow a select group of qualified investors to buy and sell digital currencies. However, he emphasized the need for a thorough risk assessment before proceeding.
In another related development, the Russian government is<a href="https://defi-planet.com/2024/08/russia-to-launch-stablecoins-focused-trading-platforms-on-domestic-exchanges/" rel="noopener noreferrer nofollow"> report</a>edly planning to launch two new cryptocurrency exchanges that will focus on developing stablecoins, particularly those pegged to the Chinese yuan and a basket of BRICS currencies. These exchanges are expected to be situated in St. Petersburg and Moscow. The St. Petersburg Exchange will utilize the infrastructure of the St. Petersburg International Mercantile Exchange, while the Moscow Exchange’s framework is still under review.
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The post <a href="https://defi-planet.com/2024/09/russias-largest-bank-to-offer-digital-ruble-to-customers-starting-early-2025/" rel="noopener noreferrer nofollow">Russia’s Largest Bank to Offer Digital Ruble to Customers Starting Early 2025</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Russia’s Largest Bank to Offer Digital Ruble to Customers Starting Early 2025

DeFi Planet

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