VTB began testing digital rubles to buy CFA

2023: Opening a digital ruble account with VTB Business Online

VTB Bank and PJSC Rostelecom conducted operations with a digital ruble. A digital ruble account was opened in the VTB Business Online remote banking system. Rostelecom announced this on September 1, 2023. Read more here.

2022

Start testing digital CFA purchases for digital rubles

VTB has begun testing the purchase of digital financial assets (CFA) for digital rubles, which will be issued on the Bank of Russia platform. This was announced on September 7, 2022 by the Deputy President-Chairman of the Board of VTB Anatoly Pechatnikov.

The bank plans to launch the launch of the exchange of non-cash rubles for digital rubles for the subsequent acquisition of CFA in 2023. To do this, customers will need to register in the VTB Online application as a user of the Bank of Russia's official digital ruble platform and open a digital wallet, after which they will need to exchange non-cash rubles for digital rubles from their bank account. Then, at VTB Online, bank customers will be able to transfer digital currency to other platform users, regardless of which bank they are.

The digital ruble is a tool that is beneficial for all market participants, including our retail clients. With its help, customers will be able to more conveniently manage their finances, for example, transfer money and pay in stores even without the Internet. The state is responsible for the safety of money in the electronic wallet, so the technology is as safe as possible. According to our estimates, after the launch of the digital ruble, the money turnover in Russia may accelerate by 3-7%, while the final indicators will depend on the convenience of the platform and the readiness of the payment infrastructure, - said Anatoly Pechatnikov.

Improving the quality and availability of financial services is a priority for VTB. We support the introduction of the digital ruble and believe that the targeted direction of its use and availability in remote and inaccessible territories will expand opportunities for both VTB customers and the bank itself. The lack of interest rates on balances in digital rubles when providing interest income and bonus programs with funds within the bank will not lead to an outflow of funds from bank deposits, "said Vadim Kulik, Deputy President and Chairman of the Board of VTB Bank.

The architecture of the Digital Ruble platform, developed by the Bank of Russia, allows the client to register once and quickly through the mobile application of any bank connected to the platform, gain access to the wallet and conduct transactions in this format.

The use of cryptographic protection and encryption provides a high level of security for all settlements in digital currency: each ruble has its own digital individual number, which forms a different system of protection against fraudulent transactions. Digital rubles are stored and recorded directly by the Bank of Russia.

Digital Ruble Transaction Testing

VTB and PSB conducted the first successful testing of operations with digital rubles issued on the test version of the Digital Ruble platform of the Bank of Russia. This became known on February 16, 2022.

To perform operations, VTB has developed a prototype mobile application that allows the client to conduct operations with a digital ruble. The client can register as a user of the digital ruble platform, open a digital wallet, exchange non-cash rubles from his bank account to digital rubles and send digital rubles to another user of the platform. Testing ended with successful transfers of digital rubles between PSB and VTB clients.

All information about the transactions carried out comes from the test loop of the Bank of Russia digital ruble platform and is instantly reflected on the balance of the client's digital wallet in the mobile application.

The architecture of the digital platform developed by the Bank of Russia allows the client to register only once through the mobile application of any bank connected to the platform, gain access to the wallet and conduct transactions in this format.

The use of cryptographic protection and encryption provides a high level of security for all settlements in digital currency: each ruble has its own digital individual number, which forms a system of protection against fraudulent transactions. Digital rubles are stored and recorded directly by the Bank of Russia.

The first operation with a digital ruble was a landmark moment in the development of the digital payment infrastructure of our country. VTB actively cooperates with the Bank of Russia and is ready to participate in further work on legislation on the organization of monetary circulation using the digital ruble. The digital ruble will allow creating services based on smart contracts and increase the availability of financial services, including in remote and sparsely populated territories of Russia, thanks to the ability to use it without access to the Internet. I think that this will become a driver for the development of national payment services both for the population and for business, said Deputy President-Chairman of VTB Bank Vadim Kulik.

The digital ruble brings the national payment infrastructure to a fundamentally new level, improves the standards of reliability and transparency of settlements in the monetary circulation system and the Russian economy. PSB, as a system-forming and high-tech bank, takes an active part in this process, using the bank's digital infrastructure and the competence of our team in projects on the digital ruble platform. Together with the Bank of Russia, we are creating a fundamentally different digital payment infrastructure for the entire Russian business and population. Based on our experience, within the framework of the digital ruble test platform, standards for the financial market will be developed, legislation and regulation of the future settlement system using the digital ruble will be formed, noted First Deputy Chairman of PSB Oleg Barybin.