Bank of Russia to test digital ruble in real estate transactions in spring 2023
In the second phase of the pilot launch, the asset will be integrated into smart contracts
22.06.2022 - 09:30
304
2 min
0
What’s new? In spring 2023 the Bank of Russia will test the digital ruble in real estate transactions, regular transactions, and payment upon receipt of goods. This is reported by Izvestia, citing the Central Bank’s own sources. Representatives of the regulator explained that the digital ruble will allow to track the intended use of funds and increase the security of transactions.
What else is known about testing? The first phase will begin in April 2023. It involves testing scenarios that automate the interaction between citizens and businesses using a central bank digital currency (CBDC). The Bank of Russia added that the legislative and regulatory framework for the circulation of the digital ruble is also being prepared in parallel with the testing of the platform.
In the second phase, the plan is to integrate the asset into smart contracts. According to the Central Bank’s representatives, it is this technology that will allow tracking of the movement of funds. It is primarily aimed at state payments and subsidies, such as maternity capital, in order to increase the transparency of transactions and eliminate the possibility of misuse of budget funds. All settlements will go directly from the digital ruble wallet at the Central Bank, rather than through the Treasury.
Initially, testing of the digital ruble was planned to start in 2024, but the development of the project was accelerated due to sanctions. A total of 12 banks will 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.
Useful material?
Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024
Mining
The Deputy Energy Minister explained that in deficit regions, it is impossible to allocate large capacities for industry enterprises until 2030
Oct 30, 2024
Market
Customers will also be able to withdraw funds to bank accounts using cards
Oct 30, 2024