The Russian local news agency Izvestia reported on October 16 that five banks in Russia are eager to work in digital rubles and are keen on the idea of testing digital central bank money. The news came shortly after the Central Bank of Russia officially approved the CBDC plan on October 13th.
Russia announced on October 13 that it will start working on digital rubles. There is no release date for the digital ruble, which is expected to have the same features as cash, as well as offer a faster and easier payment. CBDC pilot studies are planned to begin in the first half of 2021.
Five Banks To Take Part In The Digital Ruble Test
In the news reported by Cointelegraph, it was stated that at least 5 Russian banks want to participate in the digital ruble test planned to be held in 2021. Russian banks that want to participate in the test include Promsvyazbank, Credit Bank of Moscow, Bank Zenit, Dom.RF and Crimea’s Russian National Commercial Bank.
In the details of the news, it is stated that the Russian Central Bank wants to make payments such as salary and assistance in digital rubles after the digital ruble is officially used. The Bank of Russia said that the digital ruble planned to be issued could be transferred or stored by users with a bank card. In addition, he underlined that payment devices should also be updated in order to make payments made with digital rubles smoothly.
Digital Ruble to Be Used With Cash
Anatoly Aksakov, head of the Financial Services Committee of the Russian State Duma, said Russia is ready to adopt digital central bank money in both technology and legal matters. Aksakov stated that he expected the first CBDC trials to be initiated after the “On Digital Financial Assets (DFA)” (About Digital Financial Assets) law was passed on January 1, 2021. It was also stated that the planned digital ruble is considered as an additional payment option in addition to cash.