Russian Banks Begin Testing Digital Ruble Payments

Share This Post

Russian Banks Begin Testing Digital Ruble Payments

Banks in Russia are preparing to dive into the pilot phase of the digital ruble project and some are already testing transactions with the currency. Trials have started with customer-to-customer (C2C) payments and Bank of Russia plans to expand the types of operations in the future.

Digital Ruble Pilot Launches With 12 Participating Banks

The Central Bank of Russia (CBR) completed the prototype of the digital ruble platform in December and is now beginning to experiment with transactions. A dozen banks have been invited to join the first stage of the project’s pilot phase. The monetary authority plans to gradually expand the range of participants to include other financial service providers and types of transactions.

Right now, the majority of Russian banks are gearing up to start testing the new central bank digital currency (CBDC), Tass reported after contacting the institutions. One of them, Promsvyazbank (PSB), is currently processing C2C payments, Maxim Khrustalev, advisor to the deputy chairman of the bank told the news agency.

Russian Banks Begin Testing Digital Ruble Payments

After the customer-to-customer transactions, “the technical testing of C2B, B2C and B2B payments will begin. Based on the results of the piloting, Bank of Russia will start to introduce the digital ruble platform into commercial operation,” Khrustalev added.

Tinkoff Bank is also joining the efforts to trial the new, digital form of Russian fiat. “Tinkoff is preparing to pilot the digital ruble in the near future,” according to a statement from the online neobank. Tinkoff recently entered the crypto space by acquiring a controlling stake in the Swiss-registered fintech startup Aximetria.

Another major Russian bank, VTB, said its infrastructure is ready to pilot the digital ruble. “Piloting includes integration with the digital ruble platform and the introduction of services such as opening a wallet through a mobile application and digital ruble transfers between individuals,” the bank’s press office detailed.

According to Vitaly Kopysov, chief innovation officer at SKB-Bank, the digital ruble will become a driver for the development of new national payment services for both citizens and companies. Speaking with Tass, he elaborated:

The digital ruble will give an additional impetus to the creation of offline cashless payment services for businesses in the absence of Internet access at a point of sale, which is very important given the geography of the Russian Federation.

Russia’s central bank has maintained a hardline stance on cryptocurrencies and recently proposed a wide-ranging ban on crypto-related activities. It began contemplating a digital ruble three years ago and decided to explore options to issue the CBDC in 2020, when it published a consultation paper on the matter. In April 2021, the bank released a digital ruble concept outlining its principal architecture.

Other banks taking part in the first stage of the pilot are Ak Bars, Alfa-Bank, Dom.rf Bank, Gazprombank, Rosbank, Sberbank, Bank Soyuz, and Transcapitalbank. The Federal Treasury, along with financial intermediaries, will join at the second stage when transactions between private individuals and corporate entities will be carried out, including consumer-to-business (С2B), business-to-business (B2B) and business-to-government (B2G) transactions.

Do you think Russia will be able to successfully launch a digital ruble? Share your expectations in the comments section below.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Solana, Dogecoin Expected To Take Bronze And Silver For Gains This Bull Run – But Who’s Going To Take Gold?

The post Solana, Dogecoin Expected To Take Bronze And Silver For Gains This Bull Run – But Who’s Going To Take Gold appeared first on Coinpedia Fintech News Solana (SOL) and Dogecoin

ETH Price Forms Massive Bullish Divergence, While New DeFi Platform Hits New Milestone

The post ETH Price Forms Massive Bullish Divergence, While New DeFi Platform Hits New Milestone appeared first on Coinpedia Fintech News Ethereum’s price faces a crucial resistance zone between

Singapore Gulf Bank Seeks $50M Funding and Stablecoin Acquisition in 2025

The post Singapore Gulf Bank Seeks $50M Funding and Stablecoin Acquisition in 2025 appeared first on Coinpedia Fintech News Singapore Gulf Bank, backed by Bahrain’s Mumtalakat Sovereign Wealth

Decentraland and Sandbox Targets Unveiled: $1.56 and $2.26 in Sight!

The post Decentraland and Sandbox Targets Unveiled: $156 and $226 in Sight! appeared first on Coinpedia Fintech News With the broader market recovery, the altcoin segment has been set ablaze In this

Bitget Now Supports Bank Transfers in Vietnam via QR Codes

Bitget has announced its integration of bank transfers in Vietnam through QR codes, making it the first exchange to adopt this payment method This new feature allows users to deposit Vietnamese Dong

Top Altcoins to Buy Right Now For 50x Profits This Crypto Bull Run

The post Top Altcoins to Buy Right Now For 50x Profits This Crypto Bull Run appeared first on Coinpedia Fintech News Recently Kyle Doops, host of Crypto Banter’s Trading Show, has revealed many new