RSHB joined the Bank of Russia’s digital ruble platform
By ForGeeks On November 28, 2024, Rosselkhozbank conducted its first transaction with digital rubles, providing access to the new form of national currency to a pilot group of clients, including individuals and legal entities. The use of digital rubles for transfers and payments is completely free of charge.
What opportunities are available to clients?
Participants in the pilot project have access to the digital ruble platform developed by the Bank of Russia via the bank’s mobile application. They can:
- Exchange non-cash rubles to digital rubles and vice versa.
- Transfers between users.
- Pay for goods and services.
- Order returns.
- Customize automatic transfers according to specified parameters.
All operations are protected by modern cryptographic methods, which guarantees security and reliability.
First digital ruble transactions
According to Rosselkhozbank, the first transactions included:
- Purchase of groceries and train tickets.
- Transfers between individuals (C2C).
- Payments from customers to businesses (C2B).
With time, the plan is to expand the number of customers participating in the pilot and the list of available transactions. It is expected that digital rubles will be available for mass use from July 1, 2025.
At the same time, it is planned to expand the number of customers participating in the pilot and the list of available transactions.
Why is the digital ruble important?
According to Nikolay Ulyanov, Deputy Chairman of the Management Board of Rosselkhozbank, the digital ruble opens up new opportunities for clients and the financial sector as a whole. He emphasized that working with digital rubles will be as simple and understandable as conventional non-cash transactions. This meets the demands of customers who want to see processes as convenient as possible.
How does it work?
The digital ruble is an additional form of Russian currency issued by the Bank of Russia. One digital ruble is equal to one cash or non-cash ruble. Digital ruble accounts can be accessed via mobile applications of any credit organizations connected to the platform.
Digital ruble accounts can be accessed via mobile applications of any credit organizations connected to the platform.
Rosselkhozbank, which became one of the pilot organizations of the project, has upgraded its infrastructure to start conducting transactions in digital rubles. This step is an important milestone in the transition to a new era of financial settlements.
Russelkhozbank has modernized its infrastructure to start conducting transactions in digital rubles.
