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Five Russian banks have expressed interest in testing the digital ruble

Five Russian banks have expressed interest in testing the digital ruble

Several Russian banks, including Credit Bank of Moscow and Promsvyazbank, have expressed their desire to participate in the testing of the digital ruble, which may begin in the first half of 2021.

According to
Izvestia, five Russian banks have expressed their readiness to participate in a pilot project to test the digital ruble. Among them are Credit Bank of Moscow (MKB), Promsvyazbank (PSB), Zenit and Dom.Russian Federation”, as well as “Russian National Commercial Bank” (RNKB).

As stated in the Central Bank, after the completion of public consultations and in the event of a decision on the release of the digital ruble, testing will begin among a limited number of users in the first half of 2021.

“Citizens and businesses will be able to purchase digital rubles by exchanging them for cash or cash stored in their bank accounts. The possibility of receiving salaries, allowances or other payments in digital rubles is also being considered, ” according to a statement from the Bank of Russia.

According to the publication, the ICD expressed its desire to be one of the first participants in testing the digital ruble. In addition, PKB and RNKB, as well as Dom banks, want to take part in the pilot project.Of the Russian Federation” and “Zenith”. According to Vasily Potemkin, Product Director of Zenit Bank, the digital ruble platform can be similar to a fast payment system. This will make it easier for all financial institutions to participate in testing and then implement the digital ruble.

The assumption about the technical base of the digital ruble was also expressed in OTP Bank. The organization assumes that a traditional card with a chip will be chosen as the form factor. This will allow you to use existing acquiring devices, which will only need to update the software. As noted in the SKB, banks will most likely have to ” create electronic wallets of a completely new format that will be able to make payments without the Internet.”

Deputy Head of the National Financial Market Council Alexander Naumov also commented on the initiative to issue a digital ruble. He noted:

“The Central Bank’s digital currency will be in demand, as it simplifies transactions on the Internet. However, if there is no element of anonymity that is inherent in cash or bills, the attitude of the population is likely to be wary.”

Earlier this week, the Bank of Russia published
a consultative report on the possibilities and prospects of issuing a digital ruble for broad public discussion.