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Russian central bank forms pilot group of 12 banks to test digital ruble

By on June 29, 2021 0

MOSCOW, June 29. / TASS /. The Bank of Russia has formed a pilot group of 12 banks to test the digital ruble platform, the regulator mentionned in a press release on Tuesday.

“The first pilot group was formed to test the digital ruble. The group consists of 12 banks which have declared their willingness to participate in the pilot project and have submitted respective letters to the Bank of Russia,” the Central Bank said.

The plan is to complete development of the digital ruble platform prototype in December and begin testing in January 2022, the regulator said. “It will have several stages throughout the year. Following the results of this work, a roadmap on the introduction of the digital ruble will be drawn up,” he added.

As a first step, it is planned to test the issuance of the digital ruble and a number of other transactions. It is suggested that the list of tested transactions be expanded in the future. In addition, the number of participants in the pilot project is expected to increase.

According to information provided by the Bank of Russia, the group includes, among others, VTB, Alfa-Bank, Sberbank, Tinkoff, Promsvyazbank and Gazprombank.

About the digital ruble

The Bank of Russia presented the concept of the digital ruble in a report in mid-October 2020. It will come in the form of a unique digital code that will be stored in a special electronic wallet.

The digital ruble will be a full-fledged medium of circulation equal to the ordinary ruble and can be widely used by households, businesses and the state in the field of payments, ensuring the simplicity of payments, high speed, low costs and their high reliability. .

The Central Bank will issue the digital ruble.