Russian digital ruble integrated into BlockBlog banking app

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VTB has become the first Russian bank to add the digital ruble to its mobile application. The integration is currently being tested with accounts created for legal entities. Some customers will be granted access in the coming months and will be able to participate in trials.

VTB’s mobile application to support digital transfers and payments in rubles

VTB Bank has led the way among financial institutions in Russia to develop prototype functionality allowing users of its banking app to open accounts and make transfers with the digital version of the national fiat currency.

Some customers will be allowed to conduct test transactions with the digital ruble in 2023, the bank’s press service said. As quoted by RBC Crypto, VTB Vice Chairman of the Board Vadim Kulik explained:

At this stage, we are testing opening wallets for legal entities, we have already managed to register a legal entity, set up a wallet for it and generate a static QR code to pay for the purchase.

During Finopolis-2022, a forum for innovative financial technologies, the bank also presented a functionality to buy digital financial assets, or coins and tokens from an issuer under current Russian law, with digital rubles. . It will also be available to customers next year.

The bank is also preparing to launch an exchange function that will enable conversion between digital rubles and regular e-money by 2024.

The Bank of Russia presented the concept of its central bank digital currency (CBDC) in October 2020 and finalized its prototype platform in December 2021. The pilot phase of the project was launched in January this year.

In May, the monetary authority announced its intention to start testing the digital ruble in real transactions between customers in April 2023. In June, amid sanctions imposed following the Russian military invasion of Ukraine, the regulator announced that it was accelerating the schedule for the project. It is aiming for a full launch in 2024.

A dozen commercial banks and other financial institutions have joined the trials. After cash and bank money, the digital ruble will be the third form of Russian currency. It is expected to have the properties of cash and non-cash rubles to facilitate online and offline payments.

Keywords in this story

Account, Bank, Bank of Russia, Banking App, CBDC, Central Bank, Commercial Banks, Digital Currency, Digital Ruble, Onboarding, Mobile App, Pilot, Russia, Russian, Test, Testing, Testing, Transactions, Transfers, Trials, VTB, VTB Bank

Do you think the Central Bank of Russia will speed up the implementation of the digital ruble? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

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