12 Russian banks to participate in digital ruble tests

The central bank of the nation published the list of financial institutions chosen for the tests that will certify the nation's cryptocurrency

Sberbank, VTB, Alfa Bank, Gazprombank and Tinkoff are part of the 12 banks that were selected by the Central Bank of Russia to participate in the initial tests of the future digital currency of the country, the digital ruble.

As you may recall, the Bank of Russia  published that it was planning to develop a prototype of the digital ruble by the end of this year and start tests in 2022. Technical details such as whether it will be built on a blockchain and what type they would use are unknown.

Neither were the specific technological solutions nor the list of possible options for the implementation of the project published in October 2020 when it was announced. However, the plan agitated the Russian banking community, because they considered it a centralized design which could turn into a direct competition, for Russian accounts, between financial entities and the central bank.

Despite the announcements and clarifications made by the president of the Bank of Russia, Elvira Nabiullina, last year when she declared that “the digital ruble would not be a threat to commercial banks”, it was decided to modify the concept and thus reassure the bankers.

Within the transformations of the concept, the role of intermediaries for banks was considered, since digital accounts in rubles can be opened for clients on behalf of the Bank of Russia.

The president of the central bank has made public her criticism of cryptocurrencies in general, while some financial entities such as Tinkoff have indicated their interest in offering this type of services to their clients. Nevertheless, current regulations of the sector do not allow it.

M. Rodríguez

Source: diariobitcoin.com

Comments are closed.