Russia’s VTB begin testing the purchase of DFAs for digital rubles

According to the bank’s analysts, the launch of the digital ruble will accelerate money turnover in the country by 3-7%

07.09.2022 - 08:15

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What’s new? Russia’s VTB Bank has begun testing operations to buy digital financial assets (DFAs) for digital rubles issued on the Bank of Russia’s platform. VTB’s Deputy Chairman Anatoly Pechatnikov told reporters.

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What other statements have been made? The next step will be the launch of the exchange of non-cash rubles into digital ones. According to Pechatnikov, this could happen as early as 2023. Analysts at VTB believe that the launch of the digital ruble could accelerate cash turnover in the country by 3-7%. The final indicators will depend on the convenience of the Bank of Russia’s platform and the degree of payment infrastructure development.

Earlier, Russian Prime Minister Mikhail Mishustin stated the need to introduce DFAs. In his opinion, this is a safe alternative that can guarantee uninterrupted payment for the supply of goods from abroad and for export. At the moment, Sberbank, Atomyze, and Lighthouse are the registered information systems operators for issuing DFAs in the Russian Federation. All three firms have already issued digital financial assets.

In August, PSB Bank tested operations with the digital ruble. 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 the program.

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