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Five Banks Looks to Take Part In Pilot Testing For Russian’s CBDC

By Emily Rys | October 16, 2020
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Several Russia-based financial establishments have reportedly displayed their desire to take part in testing for the nation’s CBDC – tentatively to be rolled out in the first half. of next year. 

Specifically, a minimum of 5 banks across Russia are reportedly keen on participating in Russia’s non-public digital ruble pilots in the first 6 months of 2021.

The banks joining reportedly includes state-backed Promsvyazbank, the Credit Bank of Moscow, commercial bank Zenit, mortgage bank Dom.RF, and Crimea’s Russian National Commercial Bank.

The central bank is reportedly having plans to utilize the digital ruble to help with the distribution of salaries and benefits, when the public adoption of the currency matched their target. 

The Bank of Russia reportedly remarked that storing and transferring features will be available for the upcoming digital coin, via an “analog of a bank card.” To be able to store the digital ruble, merchants are required to “reconfigure payment terminals”. 

Anatoly Aksakov, a member of the Russian State Duma and a key representative of the amount of resources Russia put into crypto, reportedly remarked that Russia is prepared to carry out the adoption of crypto coins, concerning technological and legal areas. 

The development reportedly surfaced following shortly with the official confirmation from Russia’s central bank, regarding the issuance of a CBDC, via a published consultation document on the digital ruble on Oct. 13.

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