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VTB to test digital ruble operations among bank employees in 2023

It is noted that the bank’s clients will be able to start exchanging non-cash rubles for digital ones in 2024

MOSCOW, February 14. /TASS/. Deputy President and Chairman of VTB Bank Management Board Anatoly Pechatnikov told reporters on Tuesday that Russia’s second-largest lender intends to test operations with the digital ruble among its employees this year.

"VTB is moving ahead of its initial schedule with its digital ruble launch. We have tested operations with digital rubles and the purchase of digital financial assets for digital rubles. This year we plan to test operations with Friends & Family, which means our bank’s employees, they are the ones who will start paying with digital rubles in practice," he clarified.

The bank’s clients will be able to start exchanging non-cash rubles for digital ones in 2024, Pechatnikov noted. "The technology provides a high level of security, will be understandable and will not require special training among clients," he added.

Earlier, Russian Central Bank’s Governor Elvira Nabiullina said that amendments to the legislation required for testing the digital ruble in real transactions and among clients, has already been readied and they were planned for the State Duma’s review soon.

The Bank of Russia said earlier that it had planned to start testing the digital ruble on real clients in April 2023. The exchange of the digital ruble for foreign currency and the opening of wallets to non-residents may start in 2024.

The regulator provided its digital ruble concept in a mid-October 2020 report. The digital ruble will represent the third form of money and will have the form of a unique digital code that will be stored in a special electronic wallet. The transfer of digital rubles from one user to the other will be in the form of a digital code moving from one e-wallet to the other.

Owners of digital money will be able to freely transfer rubles from one form to the other.

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