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
358
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
The product will allow professional investors to track the price of the altcoin without having to hold it directly
Apr 18, 2025
Market
Previously, the PumpFun team launched their decentralized exchange to preserve liquidity in their ecosystem
Apr 17, 2025
Technologies
The company predicts that devices powerful enough to crack a 256-bit key could be available in the next 10 years
Apr 17, 2025
Mining
The collaboration aims to increase decentralization of the blockchain
Apr 15, 2025
Market
The feature will later be available to customers in Europe and Australia
Apr 15, 2025
Crypto regulations
The rule was passed toward the end of Joe Biden’s presidential term
Apr 11, 2025