Search
Russia’s Digital ruble integrated into Banking App
November 14, 2022
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:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/