Share this article
Bank of Russia Picks Banks to Pilot Digital Ruble
The regulator expects the prototype of the CBDC in December and piloting it in 2022.
Updated Sep 14, 2021, 1:18 p.m. Published Jun 30, 2021, 10:39 a.m.
Make us preferred on Google
Russia's central bank named 12 banks that will be involved in the initial testing of the nation's future central bank digital currency (CBDC), the digital ruble, the regulator announced Wednesday.
STORY CONTINUES BELOW
The list includes the largest credit organizations of Russia, including Sberbank, VTB, Alfa Bank, Gazprombank and Tinkoff.
Previously, the Bank of Russia said it was planning to develop a prototype of the digital ruble by December and start piloting it next year. It's not clear yet if the project will be built on a blockchain, and, if so, on which one. The initial concept of the digital ruble, published in October 2020, did not mention specific technological solutions and provided a list of options of how the project should be implemented.
The project rattled Russia's banking community because the banks were worried about the potential centralized design of the CBDC, which would mean direct competition between them and the central bank for Russian accounts.
Bank of Russia Chair Elvira Nabiullina brushed off those concerns last year, saying the digital ruble would not be not a threat for commercial banks. Still, the concept was then modified to sooth the banks' fears, giving them the role of intermediaries, opening digital ruble accounts for users on behalf of the Bank of Russia.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Ukraine banned Polymarket and there’s no legal way for it to come back
Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
What to know:
- Ukraine has no legal framework for Web3 prediction markets, and current legislation provides no recognition for such platforms.
- Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
- Legal changes are unlikely in the near future, as Parliamentary revisions to gambling definitions are extremely improbable during wartime, leaving prediction markets in a legal deadlock.
Top Stories
