VTB to test the digital ruble among the bank’s employees

Clients will be able to start exchanging non-cash rubles for digital rubles in 2024

14.02.2023 - 09:00

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What’s new? VTB will test digital ruble transactions among its employees in 2023. According to Anatoly Pechatnikov, Deputy President and Chairman of the VTB Bank Management Board, the bank is moving ahead of the original deadline to launch a digital currency and has already tested operations to buy digital financial assets (DFAs) for digital rubles.

Material by TASS

What else did Pechatnikov report? The bank’s clients will be able to start exchanging non-cash rubles for digital rubles in 2024. The technology will provide a high level of security, will be understandable, and will not require special training from users.

In January, the State Duma included in the agenda for the first reading a bill on the digital ruble. This is a framework document, while a more detailed regulatory framework will be developed by the Central Bank. In February, Rosbank, jointly with the Atomyze platform, conducted the first deal to buy DFA for gold for digital rubles.

SberBank, VTB Bank, Gazprombank, Alfa-Bank, Bank DOM.RF, Rosbank, Promsvyazbank, Tinkoff Bank, SKB-Bank, Ak Bars Bank, Transcapitalbank, and Bank SOYUZ joined the pilot group testing the asset, later joined by Moscow Credit Bank, Rosselkhozbank and Lighthouse, a platform for issuing DFAs. In 2023, Investment company Finam and telecommunications company Tele2 will join the program.

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