Tass released some details about Russia’s central bank digital currency (CBDC) trials. Most of the digital ruble data was not new. However, we failed to notice a detail previously – the 13 banks participating in the first round pilot do not include Russia’s largest bank Sber. Nor does it include Tinkoff, Russia’s big digital bank. The central bank reiterated it will not launch before 2025.
While the Russian press noted the omission of the two banks in August, they provided no reasons. However, in October, Sber confirmed it will participate in the second wave of banks. The Russian government owns 50% of Sber plus one voting share. The central bank said 19 additional banks expressed interest in taking part in the second group next year, with 16 ready to go.
In the recent Tass report, the central bank emphasized that it might extend the pilot beyond 2024 and it will only launch the digital currency after the completion of the trials.
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