Russia’s largest bank, Sberbank, will start offering the country’s central bank digital currency (CBDC), the digital ruble, to its customers by early 2025.
Anatoly Popov, Deputy Chief Executive of Sberbank, reportedly confirmed the bank’s involvement, alongside around 20 other financial institutions, in the second phase of the Bank of Russia testing program for the CBDC. Notably, the Russian central bank had previously indicated that the digital ruble could be available for widespread use by July 2025.
The central bank introduced the prototype for the CBDC in December 2021 and began testing it in 2022 with clients and employees from 12 Russian banks. On August 30, 2024, the Bank announced that a new phase in its pilot program would begin on September 1.
This phase will expand the participant pool to 9,000 individuals and 1,200 companies, a substantial increase from the previous phase’s 600 participants and 22 firms. The latest phase will introduce dynamic QR code payments and business-to-business transfers, with participants already able to deposit funds into CBDC accounts.
This development comes as reports indicate that the Russian central bank is considering a proposal to amend the existing financial regulatory framework to create a new category of “qualified investors” authorized to trade cryptocurrencies. Alexey Guznov, State Secretary and Deputy Governor of the Bank of Russia suggested that discussions are underway to allow a select group of qualified investors to buy and sell digital currencies. However, he emphasized the need for a thorough risk assessment before proceeding.
In another related development, the Russian government is reportedly planning to launch two new cryptocurrency exchanges that will focus on developing stablecoins, particularly those pegged to the Chinese yuan and a basket of BRICS currencies. These exchanges are expected to be situated in St. Petersburg and Moscow. The St. Petersburg Exchange will utilize the infrastructure of the St. Petersburg International Mercantile Exchange, while the Moscow Exchange’s framework is still under review.
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Digital Ruble pilot has grown in 2026
Russia has spent several years testing the CBDC before moving toward nationwide availability. By June 2025, participants from more than 150 Russian locations had opened approximately 2,500 digital-ruble wallets and completed around 100,000 transactions. The pilot covered payments, transfers and other functions while regulators also tested cybersecurity, privacy and smart-contract functionality.
The pilot has since been expanded to include more sophisticated payment functions.
In February 2026, the Bank of Russia proposed allowing businesses to make bulk digital-ruble payments, including payroll, contractor and supplier payments. The regulator also proposed a legal framework for cross-border settlements involving CBDCs.
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