RIYADH: The Central Bank of the Russian Federation and participating financial institutions have started testing a national digital currency.
The trials were launched after a prototype of the digital ruble platform was completed in December 2021.
Twelve banks applied to join the project’s pilot group, and three of them have already connected their systems to the central bank’s digital currency platform.
Two of the banks have successfully completed a full cycle of digital ruble transfers between customers using mobile banking applications, the regulator explained.
The users were able to open digital ruble wallets through the apps and exchange regular electronic money from their bank accounts for digital rubles and then transfer the coins between themselves, according to the announcement of CBR.
“The digital ruble platform is a new opportunity for citizens, businesses and the state,” Olga Skorobogatova, Deputy Chairman of CBR said.
She explained that transfers in the sovereign digital currency will be free for residents of Russia and available anywhere in the country.
The system will also reduce transaction costs for companies and allow them to introduce new products and services.
Future plans include introducing offline transactions and allowing non-residents to use the digital ruble.
Based on the results of the pilot phases, a roadmap for the full implementation of the new form of fiat currency will be formulated.
Daily trading
Bitcoin, the leading cryptocurrency internationally, traded lower on Thursday, falling by 1.66 percent to $43,329 at 1:21 p.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $3,073, down by 1.83 percent, according to data from Coindesk.
Mastercard
Mastercard, an American multinational financial services company, is expanding its payments-focused consulting service to include cryptocurrency.
“Mastercard’s consulting efforts with banks and merchants cover a range of digital currency capabilities, from early-stage education, risk assessments and bank-wide crypto and NFT strategy development to crypto cards and the design of crypto loyalty programs,” the company said.
The company added: “Mastercard has curated partnerships with digitally native firms that offer best-of-breed solutions in cryptocurrencies,”
“It has helped fintechs expand into new markets, working through go-to-market planning and commercialization strategies.”
