{"id":51857,"date":"2023-08-23T03:04:31","date_gmt":"2023-08-23T07:04:31","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/russian-banks-mts-psb-begin-digital-ruble-tests\/"},"modified":"2023-08-23T03:04:34","modified_gmt":"2023-08-23T07:04:34","slug":"russian-banks-mts-psb-begin-digital-ruble-tests","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51857","title":{"rendered":"Russian Banks MTS, PSB Begin Digital Ruble Tests"},"content":{"rendered":"
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The Russian banks MTS and PSB have begun testing the digital ruble, with \u201centrepreneurs\u201d using the CBDC to pay for \u201cservices.\u201d<\/p>\n

The nation\u2019s Central Bank has fast-tracked its CBDC project in recent weeks, and is eyeing a 2025-2027 national rollout.<\/p>\n

The banks, along with the likes of VTB Bank, say that their customers and employees have carried out \u201creal-world\u201d transactions with the coin after advanced pilots began last week.<\/p>\n

Per Content-Review, MTS\u2019s payment technology chief Igor Chuchkin said the bank was \u201cdelighted to be among the first Russian banks to participate in the digital ruble pilot.\u201d<\/p>\n

Chuchkin said:<\/p>\n

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\u201cWe plan to look into more digital ruble-related offerings that we can offer our customers in the future, and we will base these on our initial experiences during the pilot.\u201d<\/p>\n<\/blockquote>\n

Meanwhile, PSB (full name: Promsvyazbank), gave details of one of the \u201creal-world\u201d digital ruble transactions carried out on its platform.<\/p>\n

Per the media outlet Argumenti i Facti, PSB this week enabled one of its clients to \u201copen a digital wallet\u201d and use an app-generated QR code to \u201csuccessfully make a payment for services.\u201d<\/p>\n

The bank said the client was an entrepreneur who \u201cworks in the field of online education.\u201d<\/p>\n

The media outlet added:<\/p>\n

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\u201cThe entrepreneur was also able to exchange digital rubles for [conventional] rubles and vice versa via the PSB mobile app, and carried out a B2C (business-to-customer) transaction in digital rubles.\u201d<\/p>\n<\/blockquote>\n

Transaction fees using the digital ruble have been set at 0.3%, although P2P transactions can be made free of charge, the Central Bank has stated.<\/p>\n

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Russian Banks Pushing for CBDC Progress?<\/h2>\n

Some 11 other Russian banks are also testing the CBDC with a select group of their clients in almost a dozen cities nationwide.<\/p>\n

The Central Bank says that 16 other banks, including a number of regional banks, are \u201cready\u201d to \u201cquickly\u201d join the pilot.<\/p>\n

But not all of the country\u2019s biggest banks are keen on the CBDC.<\/p>\n

The nation\u2019s biggest banking association has called on the Central Bank to slow the pace of the pilot.<\/p>\n

And two Russian \u201cmegabanks,\u201d Sberbank and Tinkoff, dropped out of the pilot at the eleventh hour.<\/p>\n

It is currently unclear if the duo will join the pilot at a later date, or if they will wait until they are legally obliged to process CBDC transactions.<\/p>\n

Earlier this year, experts claimed commercial banks could lose $684 million a year if the Central Bank launched a CBDC.<\/p>\n<\/p><\/div>\n