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Russia has begun testing the digital ruble in payments between individuals

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According to TASS, a number of Russian banks are preparing for the introduction of the digital ruble and are starting to test the payment. In the first phase, 12 banks were to take part in this process.

Digital ruble is undergoing the next phase of testing

Russia’s central bank has previously published a plan for the gradual development of the digital ruble, which envisages a gradual expansion of the number of connected participants and types of available transactions. Based on the test results, a plan for the introduction of the digital national currency will be developed.

According to Maxim Khrustalev, adviser to the vice-president of Promsvуazbank, the payment is already being tested:

Currently, the participants in the pilot project are testing C2C payments, then the technical testing of C2B, B2C and B2B payments will begin. Based on the test results, the Bank of Russia will launch a commercial platform for the digital ruble.

Tinkoff Bank is also starting to test the new Russian currency.

Tinkoff is preparing for a pilot testing of the digital ruble, which will begin in the near future, the institution said.

VTB also announced the readiness of its infrastructure for testing the digital ruble.

“VTB Bank is actively cooperating with the Bank of Russia and has already prepared a suitable infrastructure within the bank for pilot tests of the digital ruble,” said the bank’s press service. Pilot testing involves integration with the digital ruble platform and the deployment of services such as opening an individual’s wallet via a mobile application and transferring digital rubles between individuals.

We will receive a digital national currency with new possibilities of its use, including payment services. The digital ruble will give another impetus to the creation of offline cashless payment services for businesses that do not have access to the Internet at the point of sale, which is very important given the geography of the Russian Federation.

It is this opportunity that will become the driving force behind the development of new national payment services for both businesses and businesses. In addition, business owners will gain another benefit – a reduction in service costs when accepting non-cash payments.

Vitaly Kopusov, Director of Innovation SKB-Bank

The digital ruble is not stored in a bank account, but in a special wallet. The flow of cash and non-cash money is almost impossible to track, the system of tracking the digital ruble, which is a unique digital code, will be completely controlled by the central bank.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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