Russia’s Largest Bank, Sberbank, Joins Digital Ruble CBDC Pilot Amid Tight Timeline for Launch

Russia’s largest bank, Sberbank, has officially joined the pilot programme for the digital ruble, alongside leading digital bank TBank (formerly Tinkoff) and Tochka Bank. This comes as a significant development, as Sberbank was notably absent from the initial group of banks participating in the Central Bank Digital Currency (CBDC) trials, which began in August 2023. […]
Putin Backs Bitcoin as Russia Advances Digital Asset Taxes and Mining Growth

Russian President Vladimir Putin has signed a law classifying digital assets as property for taxation purposes, offering much-needed clarity to Russia’s burgeoning digital sector. This legislation, which amends Russia’s Tax Code, exempts profits in the sector from value-added tax while subjecting them to income tax. Individual earnings below 2.4 million roubles will be taxed at […]
Russia Adjusts Digital Rouble Rollout, Mandating CBDC Acceptance by July 2025

Elvira Nabiullina, the Governor of the Bank of Russia, has confirmed that the digital rouble, the nation’s central bank digital currency (CBDC), remains on track for its mass rollout in July 2025. This announcement follows adjustments to the digital rouble’s pilot programme and new obligations for banks and merchants regarding CBDC adoption. Earlier reports indicated […]
Russia’s Largest Bank, Sberbank, Set to Launch Digital Rouble CBDC Operations in Early 2025

Sberbank, Russia’s largest bank, has announced plans to commence operations with clients using digital roubles in early 2025. The move marks a significant step in the country’s ongoing efforts to integrate digital currency into its financial system, as part of a broader initiative led by the Central Bank of Russia. Anatoly Popov, Deputy Chairman of […]
Putin Calls for Robust Development Framework for Digital Assets in Russia

In a significant move towards modernising the Russian financial landscape, President Vladimir Putin has underscored the necessity for developing a comprehensive framework for the integration and utilisation of digital assets. Speaking at a recent meeting on economic matters, Putin highlighted the strategic importance of creating favourable conditions to foster the growth of digital assets, including […]
Russia Embraces Digital Ruble: President Putin Signs CBDC Law for Central Bank-Backed Currency

Today, President Vladimir Putin of Russia officially signed the digital ruble bill into law, granting the country’s central bank the authority to issue its own digital currency. The digital ruble, a concept that the Bank of Russia has been carefully considering, will be integrated into the payment ecosystem alongside traditional methods, as outlined in the […]
Challenges and Prospects for BRICS Common Currency: Insights from Bank of Russia’s Governor

Unraveling BRICS Common Currency Challenges & Prospects: Bank of Russia’s Insights. Explore economic comparisons & complexities in this financial landscape.
Russian CBDC legislation expands foreign access

Source: Ledger Insights The Central Bank of Russia’s (CBRs) digital ruble pilot was delayed from its planned start date of April 1, pending the passage of legislation at the State Duma. The delayed version was expected to pass by now, but according to the Russian state news agency TASS, the legal go ahead for the central bank digital currency (CBDC) […]
Snapshot: Which countries have made the most progress on CBDCs so far in 2023

Source: Atlantic Council 2023 is already shaping up to be a major year in central bank digital currency (CBDC) exploration. As of March 1, sixty-five countries are in the advanced stage of development, and over twenty central banks have launched their pilots, including Brazil, Japan, and Russia. To dive deeper into these countries, follow our CBDC […]
Bank of Russia to Pilot CBDC in April

Source: Coindesk The Bank of Russia’s central bank digital currency (CBDC), the digital ruble, is ready for its pilot phase, said the bank’s deputy governor, Olga Skorobogatova, on Friday. The project will be launched for peer-to-peer transfers between individuals and for retail purchases, Skorobogatova told journalists during a fintech conference in Russia. “The pilot will […]