Russias largest lender Sberbank joins CBDC pilot [Video]

Russia’s largest lender, Sberbank, is among the new participants in the second pilot for the country’s central bank digital currency (CBDC), the digital ruble.

The Bank of Russia (BOR) launched the first CBDC pilot in August 2023 after passing a legal framework that paved the way for a digital version of its ruble. It involved 13 commercial banks in 13 cities, but the country’s biggest bank wasn’t among them. The exclusion was curious, especially since BOR is the majority stakeholder of Sberbank with over 60% ownership.

The central bank has now included Sberbank in the second round of the pilot program. In an announcement on its website, the regulator also revealed that Russia’s largest digital bank, TBank, and its top rival, Tochka Bank, would be the other first-time participants. They join Sovcom Bank, Sinara Bank, TKB Bank, and other titans in the pilot. In total, 22 lenders will participate.

Sberbank’s inclusion is critical for the BOR’s mission …