First Digital Group by Bank of Russia

June 30, 2021

Russian Finance Ministry

Twelve Russian banks including Sberbank, VTB and Tinkoff Bank will help the Bank of Russia test the computerized ruble in January 2022. 


The national bank of Russia is setting up a gathering of banking establishments to test its national bank advanced cash (CBDC) one year from now. 


On Tuesday, the Bank of Russia authoritatively declared the foundation of the main pilot bunch for testing the advanced ruble, uniting 12 Russian banks. 


The pilot individuals incorporate Russia’s biggest banks like state-supported Sberbank and VTB, just as significant private banks like Tinkoff Bank. Different members incorporate business bank Alfa Bank, Gazprombank, Promsvyazbank, Rosbank, Ak Bars Bank, Dom.RF, SKB-Bank, TKB and Soyuz bank. 


The bank reaffirmed Russia’s arrangements to finish a model advanced ruble stage before the finish of 2021 and carry out testing in January 2022. The main phase of testing will include giving the advanced ruble and a few different tasks. The Bank of Russia then, at that point intends to broaden the quantity of members and scope of pilot exercises. 


Bank of Russia’s first appointee lead representative, Olga Skorobogatova, said that the computerized ruble will expand the accessibility of installments while lessening costs. 


The Bank of Russia authoritatively declared its CBDC plans, giving a conference paper on the advancement of a computerized ruble in October 2020.


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