Russian Corporations Embrace the Digital Ruble
Russian corporations are starting to adopt the digital ruble, the country’s central bank digital currency (CBDC). The state-run Sirius Innovation Science and Technology Center has recently opened a corporate digital ruble wallet and has successfully conducted business-related operations using it. The center, which is a state-run IT research and training facility under the President’s Office, utilized the remote online business banking platform developed by VTB Bank to create its wallet. Similarly, Rostelecom, a state-operated telecoms and digital services provider, also announced the opening of its digital ruble wallet using the VTB platform. Both companies have successfully conducted customer-to-business (C2B) transactions.
More Russian Firms Joining the Digital Ruble Movement
Rostelecom’s First Vice President and Chief Financial Officer, Sergei Anokhin, expressed their satisfaction as one of the first firms to test the digital ruble functionality and successfully execute operations with it. Alexander Botsiev, VTB’s Senior Vice President, highlighted how their remote banking system effectively supports working with this new form of national currency. The Sirius center officials expressed their delight in cooperating with the Central Bank and other entities in developing and implementing the CBDC. This trend continues to grow as more Russian businesses embrace the digital ruble as a means of conducting transactions.
A Promising Future for the Digital Ruble
The adoption of the digital ruble extends beyond corporations. In September, a beauty parlor in Yekaterinburg became one of the first merchants to accept payment in digital rubles using the DeloBank baking platform. PSB bank also facilitated a client in opening a digital wallet and making payments using an app-generated QR code. Currently, around 600 citizens across 11 cities are utilizing the digital ruble, with more banks planning to join the pilot program in early 2023. This promising future indicates a growing acceptance and utilization of the digital ruble within Russian society.
Hot Take: The Digital Ruble’s Expanding Influence in Russia
The adoption of the digital ruble by Russian corporations and businesses signifies a significant step forward in the country’s CBDC implementation. As more entities open digital ruble wallets and conduct transactions using this new form of currency, it becomes evident that the digital ruble is gaining traction. The successful utilization of the VTB platform and other banking systems demonstrates the efficiency and effectiveness of these solutions in facilitating digital ruble transactions. With more merchants accepting digital rubles as payment, the convenience and benefits of using this CBDC are becoming increasingly apparent. The future looks promising for the digital ruble as it continues to shape Russia’s financial landscape.
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