Russian corporations using the digital ruble as a pilot CBDC are gaining momentum | Taza Khabre

Source: Tatiana_Gracheva/Adobe

Russian corporations are starting to make use of the digital ruble, the country’s central bank digital currency (CBDC).

For a report from SPB IT RUthe state Sirius Innovation Science and Technology Center has opened a corporate digital ruble wallet.

The center has already used its portfolio to “successfully carry out” business-related operations.

The center is a research and computer training center of the State that answers to the Office of the President.

Russian President Vladimir Putin visits the Sirius Innovation Science and Technology Center in 2018.
President Vladimir Putin visits the Sirius Innovation Science and Technology Center in 2018. (Source: Kremlin)

The outlet explained that the center used the remote online business banking platform developed by VTB Bank to create a portfolio.

The center then used its wallet to make some of the country’s first customer-to-business (C2B) payments.

Are more Russian companies ready to use the digital ruble?

Sirius’ move comes weeks after Rostelecom, the state-owned telecommunications and digital services provider, announced it had also opened a digital ruble wallet.

The telco said it had also used the VTB platform to open its wallet and had also used it to do C2B business.

cnews quoted Sergei Anokhin, first vice president and chief financial officer of Rostelecom, who stated:

“As a digital partner of VTB Bank, we were one of the first (companies) to test the functionality of the digital ruble. Our first operations with the digital ruble have been successful.”

VTB Senior Vice President Alexander Botsiev said:

“The interface of our VTB remote banking system allows companies to work effectively with this new form of national currency.”

A Sirius official said:

“We are pleased to cooperate with the Central Bank and other parties in the development and implementation of (CBDC).”

A branch of VTB Bank in the Russian city of Nakhodka.
A branch of VTB Bank in the Russian city of Nakhodka. (Source: Peruvian (CC BY-SA 3.0))

At the beginning of September, a beauty salon in the city of Yekaterinburg became one of the first Russian merchants to accept a payment made with the digital RUB, using the DeloBank baking platform.

Another bank, PSB, previously claimed it had helped one of its customers “open a digital wallet” and use a QR code generated by the app to “make a payment for services”.

Currently, around 600 citizens in 11 cities are using the currency, and a large number of banks will join the pilot early next year.

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