VTB Bank plans to test the operation of the digital ruble among its employees, said Anatoly Pechatnikov, Vice President and Chairman of the Management Board of VTB, when asked by journalists.
“VTB is moving ahead of schedule in launching the digital ruble. We have tested operations with digital rubles and purchases of digital financial assets for digital rubles. This year we are preparing to test operations with Friends & Family, that is, with employees from our bank, and will start paying in practice with digital rubles," he said.
Pechatnikov stipulates that bank customers will be able to start exchanging non-cash rubles for digital rubles in 2024. “This technology provides a high level of security, is understandable and does not require special training from customers,” the banker assures.
Earlier, the Head of the Bank of Russia Elvira Nabiullina said that the changes to the law required for testing the digital ruble on real transactions and clients have already been prepared and will be considered in the near future.
About the digital ruble
The Bank of Russia announced plans to start testing the digital ruble on real clients from April 2023. The launch of the digital ruble exchange for foreign currency and the opening of wallets is planned to occur from 2024.
The Central Bank presented the concept of the digital ruble in a report in mid-October 2020. The digital ruble will represent a third form of money and will take the form of a unique digital code that will be stored in a special electronic wallet. Transfer of digital rubles from one user to another will be carried out in the form of transferring digital codes from one e-wallet to another. Digital money owners will be able to freely transfer rubles from one form to another.
