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VTB Bank and PSB conduct first test transfers of digital ruble

VTB Bank and PSB conduct first test transfers of digital ruble

VTB bank and PSB have conducted the first successful testing of operations with digital rubles issued on the test version of the Bank of Russia’s CBDC platform

In order to perform the transfer, VTB has developed a prototype mobile app which enables users to register, open a digital wallet, exchange non-cash rubles from their bank account for digital rubles and send digital rubles to other users on the platform. Testing ended with successful transfers of digital rubles between PSB and VTB clients.

The architecture of the digital platform, developed by the Bank of Russia, enables clients to register once through the mobile application of any bank connected to the platform, gain access to the digital wallet and conduct operations.

Vadim Kulik, deputy president and chairman of VTB Bank, says: "The first successful operation with the digital ruble is a landmark moment in the development of the digital payment infrastructure of our country. The digital ruble will create innovative services based on smart contracts and increase the availability of financial services, including in remote and sparsely populated areas of Russia, as it can be used without access to the Internet. This will become a driver for the development of new national payment services for the population and and business across Russia."

VTB and PSB are among twelve banks selected by the Bank of Russia to roadtest the new digital currency over the next several months with the aim of publishing a schedule for full-scale implementation at the end of the pilot.

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