Bank of Russia Enlists 17 New Banks for Digital Ruble Pilot, Totaling 30 Participants
Seventeen more banks will join the central bank digital currency pilot in Russia, increasing the total number of participating banks to 30.
The Bank of Russia revealed that these new banks have inked agreements to partake in the digital ruble program and are actively integrating the required systems for the expanded pilot. Currently, 13 banks, approximately 600 citizens, and 30 trading/service companies actively test the central bank digital currency. The existing participants include Alfa Bank, Dom.Rf Bank, Ingosstrakh Bank, VTB Bank, GPB Bank, Qiwi Bank, Ak Bars Bank, MTS Bank, Promsvyazbank, Sovcombank, Sinara Bank, Rosbank, and TKB Bank.
The 17 new banks joining the pilot encompass AB Bank Russia, Bank Orenburg, Russian Standard Bank, SME Bank, Rosselkhozbank, Tinkoff Bank, Expobank, Novikombank, and others. Russia’s central bank outlines the digital ruble project’s stages, beginning with the prototype platform’s creation in December 2021, followed by refined testing throughout 2022 and the implementation roadmap development. The pilot operations, which commenced in August 2023, involve a limited clientele from the 13 participating banks, marking the inception of Russia’s digital ruble, a complementary form to existing cash and non-cash rubles.
Clever Robot News Desk 3rd February 2024
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