Five Russian commercial banks will test digital ruble in 2021

In a recent report, the Central Bank of Russia reported new initiatives aimed at improving technological innovation in payments in the retail sectors and other areas, favoring the development of the digital economy, reducing the dependence of users on individual providers and increasing the stability of the national financial system.

In this sense, it was learned that in June 2021 at least five Russian banks are expected to start using the digital ruble. These are the Moscow Credit Bank, the Russian National Commercial Bank, Promsvyazbank, Zenit and Dom.RF.

In connection with the announcement, it is important to clarify that the Central Bank of Russia has been emphatic in pointing out that the digital ruble “has nothing to do with cryptocurrencies, since it represents a fiat currency whose stability is ensured by the State.”

The important thing is that the pilot plan of the Russian Central Bank allowed these five banks to carry out tests with the digital ruble in a first stage. “They will attend to aspects related to digital wallets and will provide advice for making payments and settlements.”

“Natural and legal persons will be able to buy digital rubles by exchanging them for cash or funds stored in bank accounts. Furthermore, the possibility of receiving salaries and other benefits in digital rubles is being evaluated,” added the CBR.

Making payments with a digital ruble without an Internet connection is analyzed, so user can transfer said asset from an online wallet to a mobile phone, with total security and low commissions.

The stability of Russia’s financial system, as well as the reduction of users’ dependence on individual providers are two of the main objectives of this pilot plan with the digital ruble, which seeks beneficiaries in remote, sparsely populated and difficult to access areas in Russia, where a limited financial infrastructure is maintained.

M.Pino

Source: morocotacoin