Bank of Russia Expands Digital Ruble Pilot with 17 Additional Banks Joining the Program

The Bank of Russia has revealed that 17 more banks are set to join its digital ruble pilot program, expanding the initiative beyond the current 13 participating banks. The newly enlisted banks have signed agreements with the central bank and are in the process of implementing the necessary systems for their involvement in the extended pilot. The existing 13 banks, including Alfa Bank, VTB Bank, and Sberbank, are actively testing operations with real digital rubles in collaboration with around 600 citizens and 30 trading and service companies. The digital ruble project, initiated in December 2021 with the creation of a prototype platform, aims to introduce a digital form of the Russian national currency alongside cash and non-cash forms.

The Bank of Russia’s move to include an additional 17 banks in its digital ruble pilot demonstrates a commitment to expanding the scope and reach of the initiative. The active participation of a diverse group of banks in testing real digital rubles, along with citizens and businesses, signifies the central bank’s systematic approach to the project’s development. The decision to include a mix of established banks like Sberbank and innovative players like Tinkoff Bank and Tochka Bank showcases a broad representation within the pilot program. As Russia progresses toward a digital ruble alongside traditional forms of currency, the pilot’s outcomes will likely shape the future landscape of digital currencies and their coexistence with conventional financial instruments. (Source: news.bitcoin)