Sberbank, Russia’s largest bank, plans to participate in a pilot program for cryptocurrency settlements this year. This marks a key step in Russia’s efforts to integrate digital currency into its financial system, as part of a broader initiative led by the Central Bank of Russia.
Anatoly Popov, Sberbank’s Deputy Chairman and head of the Corporate and Investment Business Unit, confirmed the bank’s involvement in the Central Bank’s CBDC pilot program during the Eastern Economic Forum.
The bank also plans to offer services to its clients using digital rubles by 2025. Deputy Chairman Anatoly Popov backs regulatory initiatives to legalize cryptocurrencies for international payments and mining. He emphasized that cryptocurrencies are efficient payment options, particularly for small businesses.
The Central Bank of Russia has been testing the digital rouble since December 2021, when it developed a CBDC prototype. Initial trials began in 2022 with 600 individuals and 22 companies, and on September 1, 2024, the experiment expanded to include 9,000 individuals and 1,200 companies. Only 12 banks involved in the trial since August 2023 can access the digital rouble. However, the Central Bank plans to add two dozen more banks in the next phase.
See Related: Will Russia Ban Bitcoin? Likely Not; Here’s Why…
Russia’s Positive Stance To Crypto
Earlier this month, Russia started its trial for using crypto for cross-border transactions. The main reason for this move is to bypass international sanctions. Sources indicate that the pilot phase will initially target blue-chip companies, with plans to extend to other related and connected businesses later on.
Last month, Russia officially legalized cryptocurrency mining and trading. The law will take effect in November 2024 and allow approved mining firms to register through a state database to mine crypto. Individual miners will be permitted to mine digital currency without formal registration, provided their energy consumption stays below a specified limit.
The bill also imposes a ban on mass cryptocurrency advertising within Russia.
