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Banks in Russia keen on the development of a digital Ruble CBDC

 
Banks in Russia keen on the development of a digital Ruble CBDC
Breaking News / Crypto Market

Quick take

1 minute read

  • It is well known that central banks all over the world are looking into the possibility of developing their own central-bank digital currency. 
  • In Russia particularly, a number of financial institutions have expressed their own interest in testing its own CBDC and according to a recent report by a local news agency, at least five banks in Russia are interested in taking part in the non-public digital Rubel pilot tests in the first half of next year.

It is well known that central banks all over the world are looking into the possibility of developing their own central-bank digital currency. In Russia particularly, a number of financial institutions have expressed their own interest in testing its own CBDC and according to a recent report by a local news agency, at least five banks in Russia are interested in taking part in the non-public digital Ruble pilot tests in the first half of next year.

Some of the banks include the Credit Bank of Moscow, commercial bank Zenit, mortgage bank Dom.RF, and Crimea’s Russian National Commercial Bank.

In particular, the national commercial bank in Russia is pushing to be actively involved in the first pilot test in order to provide Crimea with some of the more innovative banking technologies available. 

On top of all of this, the report goes on to say that the central bank in Russia is considering using the digital rule to distribute salaries once the currency is publicly adopted.

In fact, the central bank of Russia said that consumers will be able to store and transfer this upcoming digital Rubel through the use of a “analogue“ bank card. A member of the Russian state Duma, Anatoly Aksakov said that the country is getting prepared to adopt cryptocurrency when it comes to the aspects of technicality and legality.

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