Russia’s Central Bank has started testing the digital ruble platform

The first transfers in the new currency between Russian citizens were successful

15.02.2022 - 12:10

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What’s new? The Central Bank of Russia has announced the start of testing and the first results of the digital ruble platform. According to the financial regulator’s website, two banks from the pilot group successfully carried out transactions to transfer digital rubles between clients.

Press release on the website of the Bank of Russia

What is known about the testing? A total of three banks from the pilot group have connected to the platform, according to the Central Bank. However, the Bank of Russia did not specify which ones. Two of them have made it possible for clients to open wallets on the digital ruble platform via mobile applications. The users exchanged non-cash rubles from regular accounts into digital ones and subsequently transferred them between themselves.

VTB Bank and Promsvyazbank had previously announced their participation in the experiment. A total of 12 credit institutions are listed in the pilot group. All of them intend to connect to the platform after the finalization of their IT systems, the Bank of Russia notes.

What are the prospects? In 2022, the Central Bank intends to test and refine the platform. The regulator does not specify when it will be launched. According to Olga Skorobogatova, First Deputy Governor of the Bank of Russia, the transfers in digital rubles will be free and available to the country’s citizens in all regions.

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