Sberbank, involved in the pilot program of the CBDC in Russia, said that the new digital ruble operations with customers will start as early as the beginning of 2025.
Russia: customers will be able to start using the digital ruble CBDC from the beginning of 2025
According to what was reported, it seems that the largest Russian bank, Sberbank, let slip an important detail regarding the Russian CBDC.
In practice, Anatoly Popov, deputy general manager of Sberbank, reportedly stated that the bank is participating in the pilot program on the digital ruble and that CBDC operations with customers will begin in 2025.
In the span of a few months, therefore, the Central Bank Digital Currency of Russia could already be in circulation.
The statement seems to coincide with Sberbank‘s plans regarding CBDC, as it is preparing to use the digital ruble in its services.
In any case, as early as this September 2024, the Central Bank of Russia has increased the tests, involving up to 9,000 people and 1,200 companies in its use. In the past, however, the digital ruble was under test for only 600 people and 22 companies.
With this broader test, the launch of the new digital ruble in the CBDC version could happen very soon.
Russia: the launch of the digital ruble CBDC in 2025 and its opening to crypto
From what has emerged, it seems that the expected launch date for the digital ruble in its CBDC version, will be by July 2025.
In this regard, the Central Bank of Russia reportedly stated that the new CBDC will not replace cash, but will complement it. This way, users can also experience the change and innovations with a softer approach.
At the same time, Russia has shown itself to be more open to the entire crypto sector. In fact, a few days ago, it emerged that the country could soon use cryptocurrencies as official currency for commercial settlements in the country.
Russia To Officially Use Cryptocurrency For Trade Settlementshttps://t.co/WI2hI0UFLa
— Watcher.Guru (@WatcherGuru) August 27, 2024
JUST ARRIVED: Russia will start using cryptocurrencies for international transactions next week.
Russia will officially use cryptocurrencies for commercial transactions
In practice, the country of Putin could soon experiment with crypto-exchange and digital tokens for cross-border transactions.
Through this method, Russia will also be able to have an alternative payment system to succeed in its mission to circumvent U.S. sanctions.
The liberalization of crypto mining
At the beginning of last month, the President of Russia Vladimir Putin, signed a law that officially allows the doors to be opened to crypto mining in the country.
This is a new and proper legislation that brings back into force the practice of cryptocurrency mining.
After two years of prohibition, therefore, Russia is changing course on the issue. Putin’s objective could be to strengthen his position in the sector, also legalizing payments in crypto.
