Russia’s largest bank has reportedly joined the country’s digital ruble pilot program ahead of the launch of its central bank digital currency (CBDC) in mid-2025.
Russian news agency Interfax reports that Russia’s leading financial institution, Sberbank, is now a participant in the program that conducts transactions using digital rubles.
Ultimately, 22 banks will be involved in the pilot project. According to Interfax, TBank and Tochka Bank have also joined Sberbank. According to Interfax, the digital ruble is expected to be gradually widely adopted starting in July.
Russian President Vladimir Putin has given the green light to the creation of a CBDC in 2023.
Reuters reported earlier this month that the Russian government also recently took legislative action to legalize Bitcoin (BTC) mining and other crypto assets to help Russian companies evade sanctions.
Russian Finance Minister Anton Siluanov told the news agency that more Russian companies would use Bitcoin for international payments in 2025.
“Under the experimental regime, it is possible to use Bitcoins that we mined here in Russia (for foreign trade transactions). Such transactions are already taking place. We…
