7 more banks to join the testing of the digital ruble

The Governor of the Central Bank of the Russian Federation Elvira Nabiullina has said that financial institutions are now completing the preparatory stage of their IT systems

18.04.2022 - 16:10

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What’s new? 7 Russian banks will join the testing of the digital ruble in the coming months. This was announced by Bank of Russia Governor Elvira Nabiullina at a joint meeting of the relevant committees of the State Duma. She said that financial institutions are now completing the preparatory stage of their IT systems. A total of 12 banks take part in the testing: SberBank, VTB Bank, Gazprombank, Alfa-Bank, Bank DOM.RF, Rosbank, Promsvyazbank, Tinkoff Bank, SKB-Bank, Ak Bars Bank, Transcapitalbank and Bank SOYUZ.

Nabiullina’s speech

What had happened before? On February 15, The Central Bank announced the start of testing and the first results of the digital ruble platform. Two banks from the pilot group successfully carried out transactions to transfer digital rubles between clients.

On February 17, the First Deputy Governor of the Central Bank of the Russian Federation Olga Skorobogatova stated that the government scheduled the second stage of testing the digital ruble for autumn 2022. The second stage will involve testing digital ruble payments for goods and services. Also in April, the Central Bank said it will not delay the issuance of the digital ruble

In March, Vladimir Gamza, Chairman of the Russian Chamber of Commerce and Industry (CCI) Council, spoke about the government’s plans to counter the West’s sanctions. He called for the release of the digital ruble as soon as possible. Gamza also stated that the agency will use cryptocurrency in its financial settlement system.

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