Group of 17 Russian Banks Joins ‘Second Stage’ of Digital Ruble Pilot
A group of 17 Russian banks, including neobanks and regional banks, have officially joined the second stage of the digital ruble pilot. One of the neobanks is operated by the Russian tech giant mail.ru. The regional banks are headquartered in areas such as Primorsky Krai and the disputed territory of Crimea. Two banks on the list specialize in providing finance to specific industrial sectors, namely agriculture and commodities production.
Moscow’s intention to use its central bank digital currency (CBDC) for international trade deals is becoming evident. The Kremlin hopes that Russian allies will use the CBDC as a payment tool for imports and exports of food, metals, and energy resources. Although the Central Bank has not provided further details about the second stage of the pilot, analysts believe it could begin in the coming weeks.
The first stage of the pilot focused on CBDC-powered micropayments and customer-to-business transactions. Participating businesses included a beauty salon in Yekaterinburg and an online education services provider. However, with the inclusion of more regional banks in the new list, it is likely that the next stage will involve more business-to-business (B2B) transactions. This suggests that the Central Bank wants to trial the use of the digital ruble outside Russia’s major cities.
Hot Take: Moscow Expands Digital Ruble Pilot with Regional Banks
Moscow continues to make progress in its digital ruble pilot, expanding its participation to include a group of 17 Russian banks. By involving neobanks, regional banks, and banks specializing in specific industries, Moscow aims to explore various use cases for its central bank digital currency (CBDC). With plans to power international trade deals through the digital ruble, Russia hopes to establish it as a payment tool for imports and exports of essential resources.
The inclusion of more regional banks in the second stage of the pilot indicates a desire to test the digital ruble’s viability beyond major cities. This expansion could pave the way for increased B2B transactions, further enhancing the CBDC’s potential. As the Central Bank prepares to unveil more details about the upcoming stage, it is evident that Russia is actively pursuing the development and implementation of its digital currency.
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