Russia’s PSB Bank tested operations with the digital ruble

In the organization’s application, customers could register their own wallets and send assets to other program participants

31.08.2022 - 06:45

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What’s new? PSB Bank has tested operations with central bank digital currency (CBDC), which is issued by the Bank of Russia. To participate in the testing, it was necessary to register in the bank’s mobile app and open own digital wallet. Customers could then exchange regular rubles for digital rubles and send them to other participants in the testing, including customers of other banks, who were also connected to this program. According to Kommersant, all information about transactions came from the Central Bank’s platform and was immediately displayed in the mobile app.

Kommersant’s material

What did the bank’s representative add? Alexander Chernoshchekin, senior vice president and head of PSB’s digital business unit, believes that the technology has great potential. In his opinion, the digital ruble will become a new standard of settlement in the Russian economy.

“Reliable and secure transfers in digital currency will become available to the population throughout Russia in the future. The state will have additional tools for administering budget payments and targeted social payments. The new settlement technology will help companies solve the issue of automating all payments and internal business processes,” Chernoshchekin note.

Earlier, the Bank of Russia reported that in 2024 all banks would begin to connect to the digital ruble platform in stages. The regulator notes that as the Federal Treasury is ready, payments using digital rubles between the state and individuals/businesses will be available.

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