Russia's Digital Ruble Set for July 2025 Mass Rollout
The Bank of Russia's central bank digital currency (CBDC), the digital ruble, is progressing towards a mass rollout in July 2025. Despite the lack of public lists, the pilot program continues with several banks, with more expected to join soon.
As of July 2024, detailed lists of the 20 banks still in the process of joining the digital ruble pilot program are not publicly available. However, the Bank of Russia has relaxed restrictions, increasing the participant limit to 9,000 and the number of merchants to 1,200 in September. This expansion allows for a broader testing phase before the mass rollout.
The second wave of banks, including Russia's largest bank Sber, has not yet started onboarding to the pilot program. This indicates that the central bank is taking a phased approach to ensure a smooth transition. By July 2025, the largest banks will be obligated to support the digital ruble, covering services like opening and topping up digital ruble accounts, making transfers, and accepting digital rubles.
The digital ruble pilot program continues with an increased number of participants, preparing for the mass rollout in July 2025. While the list of participating banks remains private, the central bank's relaxed restrictions indicate a positive trajectory for the project.
