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Russian Central Bank Begins Digital Ruble Trial

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Coin Bitcoin against the background of Russian rubles

The Russian central bank has officially started the trial of the digital ruble, with the completion of the first transfers of the digital currency among citizens.

Source: Central Bank of the Russian Federation

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The Central Bank of the Russian Federation said three out of the 12 financial institutions have already aligned with the central bank digital currency, with two completing transfers between clients using mobile banking applications.

The first step of the testing involves users opening wallets on the digital ruble platform through a mobile application, along with the conversion of non-cash fiat into the CBDC and using it for transactions.

The second step involves testing the CBDC as a payment method, along with other possible capabilities involving smart contracts and their interaction with the Federal Treasury.

The digital ruble will be made available through a mobile application of any bank of choice of the client, with transactions set to be free and available in any region of the country.

The central bank is also looking into making the digital ruble payments available offline in a bid to offer transactions to non-resident customers.

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