5 large banks will test the Russian digital ruble

Next year, the digital ruble issued by the Central Bank of Russia will be tested in fivemajor banks in the country.

The upcoming testing of the digital ruble maypass through five large Russian banks: PSB, MKB, Zenit, Dom.RF and the Crimean RNKB. The first is planned to provide the opportunity to test the capabilities of a digital national currency to the Crimean RNKB. This will provide the peninsula with modern banking infrastructure and fast and cheap online payments. 

Citizens of the country will be able to receive salaries, benefitsand pay for purchases in digital currency. Payments will go through digital wallets, similar to bank cards, for which stores will have to rebuild their terminals.

Calculations can be made in the absence of the Internet. It is enough to transfer digital rubles from your online wallet to your mobile phone and make payments without connecting to the network.

Regulators are confident that the pilot project will be launched next year. Recall that on October 13, the Bank of Russia published a consulting document on the development of the Russian digital ruble.

The currency issued by the CBR will combineproperties of non-cash and cash rubles and will reduce the cost of payment services and ensure the safety of bank transfers. At the same time, digital currency will not replace fiat, but will be used in parallel. 1 paper ruble will be equal to 1 digital. It will be possible to replenish the digital wallet through a bank account or terminal.

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