VTB Bank and PSB conduct first test transfers of the 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

To facilitate exchange, VTB has created a prototype mobile app that allows users to register, open a digital wallet, exchange non-cash rubles from their bank and send digital rubles to other users on the platform. The test ended with the successful transfer of digital rubles between PSB and VTB customers.

The digital architecture on the platform, developed by the Bank of Russia, allows customers to register once with any mobile banking affiliate platform, access the digital wallet, and make transactions.

Vadim Kulik, vice president and chairman of VTB Bank, says: “The first successful operation with a digital ruble is a major milestone in the development of our digital payment system in Russia, as it can be used without Internet access. Development of new payment services for individuals and businesses across Russia. “

VTB and PSB are among the 12 banks nominated by the Bank of Russia to test the new digital currency in the next few months to produce a fully functioning end-of-driver system.

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