The Central Bank of the Russian Federation has formed a working group of 12 banks that will participate in the development of a platform for the digital ruble. Testing will begin in January 2022.
The first pilot group included the following banks: Ak Bars Bank, ALFA-BANK, DOM.RF Bank, VTB Bank, Gazprombank, Tinkoff Bank, Promsvyazbank, Rosbank, Sberbank, SKB-Bank, SOYUZ Bank and TKB Bank. In the future, it is planned to increase the number of project participants.
The development of the platform prototype will be completed by December, and testing of the digital ruble will begin in January 2022. Next year, a plan for its implementation will also be developed, depending on the test results. In addition, in 2022, the government will develop legislation providing for the use of the state digital currency in Russia.
According to a CBR press release, the digital ruble concept is a two-tier retail model. Both individuals and legal entities will be able to use the digital ruble. The issuance of digital rubles will take place on a special platform, as well as the opening of digital wallets for financial institutions and the Federal Treasury.
In turn, banks and financial enterprises will be able to open and replenish their clients’ wallets through the platform, as well as carry out payments in digital rubles. As for the Federal Treasury, it will be able to transfer digital rubles from its wallet to the account of budgetary organizations.
“The digital ruble will create a new payment infrastructure that will increase the availability of payments and make them cheaper. The ruble will have three forms: cash, non-cash and digital. It is important to ensure a smooth transition of the ruble from one form to another. Therefore, a working group of banks was formed, ready to adjust their systems in technical and technological terms in order to prepare for testing, ”said Olga Skorobogatova, First Deputy Governor of the Bank of Russia.
Earlier, the deputy chairman of Sberbank, Anatoly Popov, said that the digital ruble could lead to an outflow of money from commercial banks, and this would lead to an increase in interest rates on loans and deposits. However, the chairman of the Bank of Russia Elvira Nabiullina denied his fears.

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