Russia’s leading bank, Sberbank, is gearing up to introduce operations with the nation’s central bank digital currency (CBDC), commonly referred to as the digital ruble, for its clients. The bank is looking to have the operations in place by the beginning of 2025, according to the bank’s deputy CEO Anatoly Popov. Sberbank is one of several Russian banks that are set to participate in the second phase of testing the CBDC, alongside roughly 20 other institutions.
The digital ruble prototype was designed by Russia’s central bank in December 2021 and testing started in 2022. Test transactions involving employees and customers from 13 banks had been conducted by August 2023 as part of a pilot program. The pilot program’s scope was expanded by the…
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