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Russian Central Bank forms pilot {band of} 12 banks for testing digital ruble

MOSCOW, June 29. /TASS/. {THE LENDER} of Russia has {created|shaped|produced} a pilot {band of} 12 banks for {screening|tests|examining} the {electronic} ruble platform, the regulator {stated|mentioned} in a {news release} on Tuesday.

“{The initial} pilot {team} has been {created|shaped|produced} for testing the {electronic} ruble. The group {includes} 12 banks {which have} {mentioned} willingness to {take part in} the pilot {task} and submitted {particular} letters to {the lender} of Russia,” the {Main} Bank said.

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The plan {would be to} complete the development of the digital ruble platform prototype in December,|december

{The program} {would be to} complete the development of the digital ruble platform prototype in,} {{also to} start the testing in January 2022,|january 2022 {also to} start the testing in,} the regulator said. “{It has} several stages {through the} whole year. {{Following a|Following} {outcomes of} that work a roadmap on introducing the digital ruble {will undoubtedly be} formed,|{Following a|Following} total {outcomes of} that work a roadmap on introducing the digital ruble {will undoubtedly be} formed,}” it added.

At {the initial} stage {it really is} planned {to check} the issuing of the digital ruble and {a great many other|many other} transactions. {{It’s advocated} that the {set of} tested transactions {will undoubtedly be} expanded {in the foreseeable future}.|{It’s advocated} that the {set of} tested transactions {will be} expanded {in the foreseeable future}.} Moreover, {{the amount of} participants of the pilot project is planned {to improve}.|the true {amount of} participants of the pilot project is planned {to improve}.}

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{Based on the} information provided by {the lender} of Russia,|

{Based on the} given information {supplied by} {the lender} of Russia,} {the group includes VTB,} Alfa-Bank, Sberbank, Tinkoff, Promsvyazbank, and Gazprombank.

{Concerning the} digital ruble

{THE LENDER} of Russia presented the digital ruble concept in {a written report} in mid-October 2020. {It’ll be} {by means of} {a distinctive} digital code {that’ll be|which will be} stored in {a particular} electronic wallet.

The digital ruble {is a} full-fledged circulating medium {add up to} ordinary ruble {and you will be} {in a position to} be widely-used by households, {businesses and {hawaii} in the payment area,|businesses and the {constant state} in the payment area,} ensuring simplicity of payments, their high speed, low costs and high reliability.

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The Central Bank shall issue the digital ruble.}

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