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Russia’s Digital Ruble Integrated Into Banking App

News Feed - 2022-11-13 06:11:44

Russia’s Digital Ruble Integrated Into Banking App


VTB has become the first Russian bank to add the digital ruble to its mobile application. The integration is currently being tested with accounts set up for legal entities. Select customers will be granted access in the coming months and will be able to join the trials. VTB’s Mobile App to Support Digital Ruble Transfers and Payments


VTB Bank has led the way among financial institutions in Russia to develop a prototype feature allowing users of its banking app to open accounts and make transfers with the digital version of the national fiat currency.


Some clients will be allowed to perform test transactions with the digital ruble in 2023, the bank’s press service announced. Quoted by RBC Crypto, Deputy Chairman of VTB’s Executive Board Vadim Kulik explained: At this stage, we are testing the opening of wallets for legal entities, we have already managed to register a legal entity, set up a wallet for it and generate a static QR code to pay for purchase.


During Finopolis-2022, a forum for innovative financial technologies, the bank also demonstrated a feature for buying digital financial assets, or coins and tokens with an issuer under current Russian law, with digital rubles. It will become available to customers next year, too.


The bank is also preparing to launch an exchange function which will allow conversion between digital rubles and regular electronic money by 2024.


Bank of Russia presented the concept for its central bank digital currency (CBDC) in October 2020 and finalized its prototype platform in December 2021. The pilot phase of the project was initiated in January of this year.


In May, the monetary authority announced it plans to start testing the digital ruble in real transactions between customers in April 2023. In June, amid sanctions imposed over Russia’s military invasion of Ukraine, the regulator said it’s accelerating the schedule for the project. It aims for a full launch in 2024.


Around a dozen commercial banks and other financial institutions have joined the trials. After cash and bank money, the digital ruble will be the third form of the Russian currency. It’s expected to have the properties of both cash and non-cash rubles in order to facilitate both online and offline payments. Tags in this story Account, Bank, Bank of Russia, banking app, CBDC, Central Bank, commercial banks, Digital Currency, digital ruble, integration, Mobile App, pilot, Russia, russian, Test, Testing, tests, transactions, transfers, trials, VTB, VTB Bank


Do you think the Central Bank of Russia will speed up the implementation of the digital ruble? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Brussels to Put Out Digital Euro Law Shortly, ECB’s Lagarde Says FINANCE | 3 days ago Goldman Sachs Launches Data Service to Help Investors Analyze Crypto Markets FINANCE | 7 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleHedge Fund Galois Capital Discloses ‘Roughly Half’ of the Firm’s Capital ‘Stuck on FTX’ Next articleFTX CEO Confirms Reports of ‘Unauthorized Access to Certain Assets,’ Team Is ‘Coordinating With Law Enforcement’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItBill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments


Russia’s recently revised bill “On Digital Currency” limits crypto purchases for non-qualified investors while providing legal ground for some cryptocurrency payments, according to local media. The draft law, proposed by the Russian finance ministry, also introduces strict requirements for platforms ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

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