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Another 7 banks will join digital ruble testing in upcoming months — Bank of Russia

The regulator, together with banks, is testing issuing digital rubles, opening digital wallets for individuals, as well as transfers between people, Elvira Nabiullina specified

MOSCOW, April 18. /TASS/. Seven more banks plan to join the testing of the digital ruble in the coming months, Governor of the Bank of Russia Elvira Nabiullina said on Monday.

"From January 2022, we started testing with banks. Now five banks are taking part in testing, seven more are completing work on their side and will join testing in the coming months," she said.

Nabiullina noted that now the regulator, together with banks, is testing issuing digital rubles, opening digital wallets for individuals, as well as transfers between people.

In mid-October 2020, the Bank of Russia in its report presented the concept of digital rubles in a form of a unique digital code that will be stored in special digital wallets, and transferring digital rubles from one user to another will mean moving a digital code from one electronic wallet to another. The Bank of Russia will issue the digital ruble. Owners of money will be able to freely transfer rubles from one form to another.

In June 2021, the Bank of Russia formed a pilot group of 12 banks to test the digital ruble platform. The group included VTB, Alfa-Bank, Sberbank, Tinkoff Bank, PSB, Gazprombank, and others.

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