large scale image
LCP Image

Back to TSCFM News

Russia’s Digital ruble integrated into Banking App

November 14, 2022

Russia’s Digital ruble integrated into Banking App
VTB has become the first Russian bank to add the digital ruble to its mobile application. The integration is currently being tested with accounts set up for legal entities. Select customers will be granted access in the coming months and will be able to join the trials.

VTB Bank has led the way among financial institutions in Russia to develop a prototype feature allowing users of its banking app to open accounts and make transfers with the digital version of the national fiat currency.

Some clients will be allowed to perform test transactions with the digital ruble in 2023, the bank’s press service announced. Quoted by RBC Crypto, Deputy Chairman of VTB’s Executive Board Vadim Kulik explained.

During Finopolis-2022, a forum for innovative financial technologies, the bank also demonstrated a feature for buying digital financial assets, or coins and tokens with an issuer under current Russian law, with digital rubles. It will become available to customers next year, too.

The bank is also preparing to launch an exchange function which will allow conversion between digital rubles and regular electronic money by 2024.

Bank of Russia presented the concept for its central bank digital currency (CBDC) in October 2020 and finalized its prototype platform in December 2021. The pilot phase of the project was initiated in January of this year.

Important Links:

Recommended for you ...

Modi, Mauritius, and Sri Lanka Leaders Unveil Digital Payment Services
Modi, Mauritius, and Sri Lanka Leaders Unveil Digital Payment Services

February 12, 2024

Public Sector Banks Surpassing Private Peers, Investors Reconsidering Choices
Public Sector Banks Surpassing Private Peers, Investors Reconsidering Choices

February 12, 2024

Indian Banks Seek RBI Permission for Global Bond Trading Ahead of Inclusion in Indices
Indian Banks Seek RBI Permission for Global Bond Trading Ahead of Inclusion in Indices

February 12, 2024

Enquire Now
REQUEST A CALLBACK
Chat on WhatsApp