Details surrounding Russia’s central bank digital currency (CBDC) trials have been unveiled by Tass, shedding light on participants and notable exclusions in the first round. Notably absent from the initial 13 banks engaged in the pilot phase are Sberbank, Russia’s largest bank, and Tinkoff, a prominent digital bank in the country. The central bank has reiterated its commitment not to launch the CBDC before 2025.
Although the omission of Sberbank and Tinkoff was initially observed by the Russian press in August, the reasons behind their exclusion were not provided at the time. However, Sberbank has since confirmed its participation in the second wave of banks during October. The Russian government holds a majority stake of 50% plus one voting share in Sberbank. The central bank disclosed that an additional 19 banks have expressed interest in joining the second group next year, with 16 expressing readiness.
The central bank emphasized the possibility of extending the pilot program beyond 2024, underlining its commitment to launching the digital currency only after the completion of thorough trials.
Commercial terms outlined in the report reiterate consumer benefits for using the CBDC, highlighting that paying and topping up the digital ruble will be free for consumers. Merchant fees for accepting the digital ruble are set at a minimal 0.3%, a notable reduction compared to the standard 2.5%.
The 13 banks participating in the first wave of trials include Alfa Bank, DOM.RF Bank, Ingosstrakh Bank, VTB, Gazprombank, Qiwi Bank, Ak Bars Bank, MTS Bank, Promsvyazbank, Sovcombank, Sinara Bank, Rosbank, and Transcapitalbank.
Meanwhile, Tinkoff Bank has garnered attention due to its founder, Oleg Tinkov, openly criticizing Russia’s invasion of Ukraine. Allegedly pressured by the Kremlin, Tinkov claimed to have sold his 35% stake in the bank to Vladimir Potanin for a fraction of its previous value, estimated at $225 million compared to Tinkov’s worth of $9 billion in late 2021. Potanin, controlling mining giant Norilsk, also acquired Rosbank from Societe Generale.
