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
308
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?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$97 708
BTC
+0.12%
-
Ethereum
$3 300.24
ETH
-1.78%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.42
XRP
+25.47%
-
Dogecoin
$0.397457
DOGE
+2%
-
Cardano
$0.896642
ADA
+12.79%
-
Bitcoin Cash
$476.55
BCH
-3.09%
-
Polkadot
$6.13
DOT
+4.06%
-
Stellar XLM
$0.292421
XLM
+20.49%
-
Litecoin
$88.83
LTC
-1.35%