On August 15, the tests of the digital ruble will begin in Russia. This was announced this Wednesday by Olga Skorobogatova, first deputy governor of the Bank of Russia.

This pilot test is decisive in the country’s transition to digital currency. “This step facilitates the examination of the functionality of the digital ruble platform in an industrial context, the refinement of essential procedures in collaboration with clients, the possible adjustments of processes and the guarantee of an easy and understandable experience for the client,” indicated Skorobogatova.

Anticipating positive results after the tests in the 13 Russian banks, the objective will be to generalize the use of the digital ruble, establishing 2025 as the deadline for Russian citizens to be able to use said digital currency.

“The initial phase of the pilot program will focus on refining core processes, including digital ruble account creation and funding (digital wallets), digital ruble transactions between individuals, hassle-free automated payments, and the use of a QR code for transactions related to purchases and services”.

The pilot test will give participants the opportunity to carry out transactions in 30 commercial establishments located in 11 Russian cities. Next year, they will expand the type of transactions, and in addition to the use of the QR code, it will be possible to make transfers between legal entities.

M.Pino

Source: cointelegraph

(Reference image source: Unsplash, in collaboration with Alexander Mils)

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La entrada Russia to start tests with the digital ruble on August 15 apareció primero en Bitfinance.

The chairman of the Committee on Financial Markets of the State Duma of Russia, Anatoly Aksakov indicated that in Russia it is necessary to implement new laws to protect retail investors in the world of cryptocurrencies.

Against this background, legislators in the Assembly would be considering applying a law that would limit investments in digital assets by non-accredited buyers, according to Aksakov.

“Digital currencies are subject to our improved approach, and we will seek to provide maximum protection for our citizens who invest in digital assets because it is a new instrument and it is quite difficult for an unqualified investor,” said the chairman of the committee.

This approach is aligned with the intentions of the Bank of Russia, with respect to limiting transactions on cryptocurrency exchanges.

Sergey Shvetsov, the first deputy governor of the Bank of Russia, argued that this measure would protect Russian investors from losses in a scenario where the cryptocurrency market “collapses to zero”.

K. Tovar

Source: Cointelegraph

La entrada Russia could limit purchase of digital assets apareció primero en Bitfinance.