Russia’s largest bank has reportedly joined the country’s digital ruble pilot program ahead of a mid-2025 launch of the central bank digital currency (CBDC).
The Russian news agency Interfax reports that Russia’s top financial institution, Sberbank, is now a participant in the program, which conducts transactions with digital rubles.
The pilot will eventually involve 22 banks. TBank and Tochka Bank also joined with Sberbank, according to Interfax, which reports that the digital ruble is expected to gradually move into widespread use starting in July.
Russian President Vladimir Putin greenlit the creation of a CBDC in 2023.
Reuters reported earlier this month that the Russian government has also recently taken legislative measures to legalize Bitcoin (BTC) mining and other crypto assets, helping Russian firms find ways around sanctions.
Russian Finance Minister Anton Siluanov told the news outlet that more Russian firms would use Bitcoin for international payments in 2025.
“As part of the experimental regime, it is possible to use Bitcoins, which we had mined here in Russia (in foreign trade transactions). Such transactions are already occurring. We believe they should be expanded and developed further.”
Earlier this month, Russian President Vladimir Putin claimed the US government was undermining the use of the US dollar as a reserve currency, forcing nations to turn to other assets. He cited Bitcoin as the top replacement for the US dollar as a reserve asset, noting that no nation could regulate it.
However, Russian authorities also reportedly plan to prohibit cryptocurrency mining in 10 regions and impose seasonal restrictions in three others beginning January 1st, amid growing concerns over energy shortages.
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