VTB is the first Russian bank to go digital rubles to the mobile application made. The integration is currently being tested with accounts set up for business. Select customers will be granted access and will be able to participate in trials in the coming months.
VTB’s mobile app to support digital ruble remittances and payments
VTB Bank is a leading Russian financial institution that enables bank app users to open accounts We have developed a prototype function to conduct remittances in a digital version of the national fiat currency.
Some customers will be allowed to make test transactions in digital rubles in 2023, the bank’s press service announced. As quoted by RBC Crypto, Vadim Kulik, Vice Chairman of the Executive Committee of VTB, explained:
At this stage, the opening of wallets for corporates is testing. Create a wallet for it and generate a static QR code to pay for your purchases.
During Finopolis-2022, a forum for innovative financial technologies, banks will purchase digital financial assets, i.e. coins and tokens in digital rubles from issuers under current Russian law. It also shows the function to It will be available to our customers next year as well.
Banks are also preparing to launch an exchange facility by 2024 that will allow the exchange of digital rubles for regular e-money.
Bank of Russia unveiled the concept of a central bank digital currency (CBDC) in October 2020, We completed the prototype platform in December. The project’s pilot phase began in January of this year.
In May, the Monetary Authority announced plans to begin testing the digital ruble in live transactions between customers in April 2023. for the project. We are aiming for a full-scale launch in 2024.
About a dozen commercial banks and other financial institutions are participating in the trial. The digital ruble will become the third form of Russian currency after cash and bank currencies. It is expected to have characteristics of both cash and non-cash rubles to facilitate both online and offline payments.
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