Digital Ruble has been Integrated into the Russian Banking App

Digital Ruble has been Integrated into the Russian Banking App

VTB has become the first Russian bank to add the digital ruble to its mobile application. The integration is currently being tested with accounts set up for legal entities. Select customers will be granted access in the coming months and will be able to join the trials.

VTB’s Mobile App to Support Digital Ruble Transfers and Payments

VTB Bank has led the way among financial institutions in Russia to develop a prototype feature allowing users of its banking app to open accounts and make transfers with the digital version of the national fiat currency.

The press service of the bank has announced that some clients will be allowed to perform test transactions with the digital ruble in 2023. The Deputy Chairman of VTB’s Executive Board, Vadim Kulik, spoke to RBC Crypto.

“At this stage, we are testing the opening of wallets for legal entities, we have already managed to register a legal entity, set up a wallet for it, and generate a static QR code to pay for a purchase.”

During Finopolis-2022, a forum for innovative financial technologies, the bank demonstrated a feature for buying digital financial assets, or coins and tokens with an issuer under the current Russian law, with digital rubles. It will be available to customers from 2023. 

The Full Launch of the Digital Ruble is Scheduled in 2024 

The Bank of Russia presented the concept of central bank digital currency (CBDC) in October 2020 and finalized its prototype in December 2021. The pilot phase of the project was initiated in January of this year.

In May, the monetary authority announced it plans to start testing the digital ruble in real transactions between customers in April 2023. In June, amid sanctions imposed over Russia’s military invasion of Ukraine, the regulator said it is preponing the project deadline. It has scheduled for a full launch in 2024.

Close to a dozen commercial banks and other financial institutions have joined the trials. Besides cash and bank money, the digital ruble will be the third form of the Russian currency. It is likely to have the properties of both cash and non-cash rubles to facilitate both online and offline payments. However, the success of the integration will only be known after the customers begin using the mobile app.