Bank of Russia will limit the rate for the digital ruble

Access to digital ruble wallets will be based on mobile applications of banks

02.03.2023 - 15:45

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2 min

What’s new? The Bank of Russia believes that the digital ruble is a new means of payment, not a replacement for deposits and products offered by commercial banks. Accordingly, limits will be imposed on the rates of digital wallets. The TASS news agency reports, referring to the statements of Deputy Governor of the Bank of Russia Olga Skorobogatova at the annual meeting of credit institutions with the regulator.

News on the TASS website

What other statements have been made? According to Skorobogatova, commercial banks will provide access to digital wallets through mobile applications, and the wallets themselves will be opened on a special platform of the Bank of Russia. At the moment, the Central Bank has completed the creation of a repository for Russian solutions and open-source solutions that are safe to use. Access to it will be open to all market participants.

According to the Central Bank, the advantage of the digital ruble is the ability to provide users with access to a digital wallet through any financial institution.

On February 17, Skorobogatova said that the regulator will launch a pilot project on digital ruble transactions involving 13 banks starting April 1. At this stage, transactions between individuals and payments in trade and service enterprises will be available. She drew attention to the fact that “the pilot will go on real transactions and clients, but on a limited number of transactions and users with banks that have already technically confirmed their readiness.” VTB already announced the testing of the digital ruble among its employees.

In January, the State Duma included in its agenda for the first reading of the bill on the digital ruble. This is a framework document, while a more detailed regulatory framework will be developed by the Central Bank.

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