{"id":47088,"date":"2023-08-11T04:04:38","date_gmt":"2023-08-11T08:04:38","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/moscow-metro-to-join-russias-digital-ruble-trial\/"},"modified":"2023-08-11T04:04:41","modified_gmt":"2023-08-11T08:04:41","slug":"moscow-metro-to-join-russias-digital-ruble-trial","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47088","title":{"rendered":"Moscow Metro to Join Russia\u2019s Digital Ruble Trial"},"content":{"rendered":"
\n

The Russian Central Bank will pilot its digital ruble on Moscow\u2019s metro system as the nation\u2019s CBDC project begins to gather pace.<\/p>\n

The Central Bank earlier this week suggested that the pilot \u2013 which officially begins on August 15 \u2013 would center around smaller retailers located in 11 unnamed Russian cities.<\/p>\n

But the bank appears keen to fast-track the launch of its token, and has now teamed up with the capital\u2019s famous metro system.<\/p>\n

The Russian media outlet Vedemosti reported that a \u201cclosed focus group\u201d of Moscow-based citizens would be allowed to trial paying their fares using the CBDC.<\/p>\n

Roman Latypov, First Deputy Head of the Department of Transport and Road Infrastructure Development of Moscow, told attendees at press conference that there would be two ways for members of the pilot group to pay.<\/p>\n

He said that customers could either use pay directly from their CBDC wallets or use the coin to buy a Troika travel card.<\/p>\n

Troika is the name of the Moscow transport network\u2019s smartcard, which can also be used on the capital\u2019s buses, monorail lines, trolleybuses, and trams.<\/p>\n

The Troika cards made available to digital ruble-paying customers will have a unique, commemorative design, the transport chief added.<\/p>\n

Russia\u2019s Digital Ruble: Moscow Metro Prepares for Pilot<\/h2>\n

Latypov added that the Moscow Metro was currently updating its IT networks to allow it to accept payments made in the digital ruble.<\/p>\n

And should the pilot prove successful, \u201ctesting for fare payment will be expanded to [other] forms of public transport,\u201d Latypov said.<\/p>\n

He added:<\/p>\n

\n

\u201cAt that stage, we will openly involve passengers in a more active manner.\u201d<\/p>\n<\/blockquote>\n

Latypov did not say when the metro trials would begin, nor how many people would be in the test group.<\/p>\n

But he did say that it would \u201cbe possible to\u201d use the token \u201cthroughout the subway network.\u201d<\/p>\n

The Central Bank, meanwhile, hopes to add more commercial banking partners to the pilot as soon as possible.<\/p>\n

Olga Skorobogatova, the bank\u2019s First Deputy Governor, stated that a \u201csecond group\u201d of 16 banks is already \u201cready to join, very quickly.\u201d<\/p>\n

An initial group of 13 banks will join next week\u2019s pilot, with the second group expected to join \u201cnext year,\u201d per the Central Bank.<\/p>\n

The group was originally 15-strong.<\/p>\n

But was whittled down when Sberbank and Tinkoff Bank (two of the nation\u2019s biggest financial groups) dropped out.<\/p>\n

Not all banks appear to be keen: The biggest association of Russian banks earlier this month expressed concerns about the token.<\/p>\n

The Central Bank is yet to publish its \u201csecond group\u201d list.<\/p>\n

But the same media outlet noted that the Crimea-based Russian National Commercial Bank and the Moscow Credit Bank were \u201cknown\u201d to have been included.<\/p>\n

The bank has previously stated that 600 citizens will begin using the token on Tuesday next week.<\/p>\n

Earlier this year, China piloted power- and network-free CBDC payments on the metro system of the city of Quingdao.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Russian Central Bank will pilot its digital ruble on Moscow\u2019s metro system as the nation\u2019s CBDC project begins to gather pace. The Central Bank earlier this week suggested that the pilot \u2013 which officially begins on August 15 \u2013 would center around smaller retailers located in 11 unnamed Russian cities. But the bank appears […]<\/p>\n","protected":false},"author":1,"featured_media":47089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-47088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nMoscow Metro to Join Russia\u2019s Digital Ruble Trial | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The Russian Central Bank will pilot its digital ruble on Moscow\u2019s metro system as the nation\u2019s CBDC project begins to gather pace.The Central Bank earlier\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=47088\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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