Two Russian banks have successfully completed digital ruble transfers between customers

The Central Bank of the Russian Federation (CBR) and participating financial institutions have begun testing a digitized national fiat currency. Trials have been launched after the prototype of the digital ruble platform was completed in December 2021.

Twelve banks have applied to join the project’s pilot group, three of which have already connected their systems to the CBDC platform. The regulator explained that two of the banks have successfully completed the entire cycle of digital ruble transfers between customers using a mobile banking app.

The CBRC detailed in an announcement that users will be able to open digital ruble wallets through the app, exchange regular electronic money in their bank accounts for digital rubles, and then transfer those coins between them.