Sberbank, along with Tbank and Tochka Bank, has joined Russia's digital ruble pilot program, potentially bolstering the economy against sanctions' impact. This move could facilitate payments, reduce transaction costs, and offer an alternative to SWIFT.
Russia's biggest bank has joined the country's digital currency scheme, which could help the economy weather turbulence caused by sanctions.Russia's Central Bank announced that Sberbank, as well as two other financial institutions—Tbank and Tochka Bank, had officially joined the country's digital ruble pilot program.Newsweek has contacted Russia's Central Bank for comment by email.
One of them, Sberbank, is Russia's largest financial institution, while Tinkoff Bank, known as Tbank has shown growth while Tochka Bank plays a key role in digital banking often for small- to medium-sized businesses, Bitcoin.com reported.The pilot scheme will test transactions under real conditions ahead of wider adoption of the digital currency from July 1, 2024 when credit institutions must enable digital ruble transactions for their clients, or risk fines, state agency Interfax reported.
RUSSIA DIGITAL CURRENCY BANKING SANCTIONS ECONOMY
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