Due to concerns that it may cause financial instability cryptocurrency Proposing to ban trading and mining, the Central Bank of Russia proposed instead of cryptocurrencies. digital ruble announced the start of pilot studies.
central bank, a central bank digital currency (CBDC) said it should be an alternative to cryptocurrencies, which he thinks should be completely banned.
The central bank announced on its official website that the central bank and some banks have started testing the digital ruble platform.
There are 12 banks on the digital ruble platform, which was established in December 2021. Among these banks are Ak Bars, Alfa-Bank, Dom.RF, VTB, Gazprombank, Tinkoff-Bank, Promsvyazbank, Rosbank, Sberbank, SKB-Bank, Soyuz and Transcapitalbank, which are among the leading banks of Russia.
In the statement, the central bank said that three banks on the platform support digital ruble pilot transactions for their customers using existing mobile bank applications, and stated that nine more banks will participate in the digital ruble pilot program in the future.
Central Bank Expands Digital Ruble Works!
In the first phase of the digital ruble test, bank customers opened a wallet on the digital ruble platform via their mobile app, converting the fiat currency to CBDC.
In the central bank statement, “The first transfers in digital rubles between citizens’ accounts were successfully carried out.” said.
The central bank added that in the second phase of the test, it plans to use the digital ruble for payments for goods and services.
The digital ruble project was first introduced by the Central Bank of Russia in October 2020. Stating that the process of putting the digital ruble into circulation is being evaluated, the central bank said, “Digital ruble may become a new, additional form of payment, together with cash and non-cash payments.”