Another 17 banks will join the digital ruble pilot project

Sber, Tinkoff and 15 other banks will join the digital ruble pilot project. The Bank of Russia notes that banks have already signed an agreement on joining the Bank of Russia digital ruble platform and are now setting up their systems to enter the pilot project when it is expanded.

Alexander Galperin / RIA Novosti

The pilot for the introduction of the digital ruble started in August last year. Then 13 banks, 600 people and 30 legal entities in 11 cities of Russia took part in it. In the first three months alone, the project showed the first successful results, Artem Deev, head of the analytical department at AMarkets, says.

“I believe that is why it was decided to expand the pilot, and to increase the number of participants. And now 17 more large banks have joined it, including Sber, Tinkoff, RSHB and Expobank,” the expert explained to Invest-Foresight.

At the preparatory stage, there have been lot of statements that the digital ruble is just the third form of money, along with cash and non-cash. Now, having tried it themselves, people began to understand that this is the case, the analyst emphasizes.

“Some have already managed to assess the convenience of settlements and security, because digital rubles are stored on the platform of the Central Bank of the Russian Federation, and not in commercial banks. But, of course, no one will be forcibly transferred to this type of payment: everyone will still be free to choose between cash, non-cash and a digital ruble,” Artem Deev sums up.

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