Thursday, May 19, 2022

The Central Bank of Russia has begun testing digital ruble payments.

The Takeaway:

The Central Bank of Russia (CBR) completed the prototype of the digital ruble platform in December and is now beginning to experiment with transactions.

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The Central Bank of Russia 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. 

 

The majority of Russian banks are gearing up to start testing the new CBDC.

Several 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 bank’s deputy chairman, told the news agency. After the customer-to-customer transactions, “the technical testing of C2B, B2C, and B2B payments will begin. Based on the results of the piloting, the 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 digital form of Russian fiat.

Tinkoff Bank is also joining the efforts to trial the digital ruble. “Tinkoff is preparing to pilot the digital ruble in the near future,” according to a statement from the online neobank. The bank 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.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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