Russian Banks Begin Testing Digital Ruble Payments

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.
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.
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 is preparing to pilot the digital ruble in the near future,” according to a statement from the online neobank.
Russian Banks Begin Testing Digital Ruble Payments
“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.
“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.
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.
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