The Central Bank of the Russian Federation and major Russian banks made the first transfers in digital rubles between the wallets of individuals.
12 banks expressed their desire to participate in testing the platform for the cryptoruble, which will connect to the platform as their digital systems are refined. The Central Bank reports that the pilot banking group has successfully completed a full cycle of transactions for the transfer of digital rubles between clients through banking mobile applications.
The test included the operation of opening a digital wallet on the digital ruble platform through the bank’s mobile application, exchanging non-cash rubles for digital ones, and transferring digital rubles between accounts.
“We plan that for citizens transfers in digital rubles will be free and available in any region of the country, and for businesses this will reduce costs and create an opportunity to develop innovative products and services. The state will receive a new tool for targeted payments and administration of budget payments,” assured Olga Skorobogatova, First Deputy Chairman of the Central Bank.
Operations with digital rubles between banking market participants are planned to be organized according to the principle of a two-tier retail model, where the Bank of Russia is assigned the role of an issuer of digital rubles and a platform operator. Other financial organizations accompany the opening of new digital wallets and the procedure for financial control when making transactions on the platform.
“During this year, we will test various scenarios and refine the digital ruble platform. At the next stages of platform development, we also plan to provide for seamless interaction with digital platforms and digital ecosystems,” the First Deputy Chairman of the Central Bank promised.
First, the Central Bank plans to continue testing the issuance of digital rubles, opening wallets for banks and citizens, as well as transfers between individuals. Then it is planned to test the operations of payment for goods at retail outlets, payments for public services, the implementation of smart contracts, as well as interaction with the federal treasury.
It is supposed to implement the ability to conduct transactions offline, interact with financial intermediaries and crypto companies, as well as the possibility of conducting operations with the digital ruble for non-resident clients, that is, foreigners.
In September 2021, the Central Bank announced the launch of the digital ruble as one of its priorities for the period up to 2030. Later, the first deputy chairman of the Central Bank, Olga Skorobogatova, shared her vision on the prospects for the digital ruble and the goals of the regulator in its implementation.
Source: Bits
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