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DOM.RF Bank launches digital ruble pilot
DOM.RF Bank, in collaboration with the Bank of Russia, launches a digital ruble pilot, which involves testing the virtual currency in several stages.
Earlier, DOM.RF Bank received detailed technical documentation on the digital ruble project from the Bank of Russia. The development team for the pilot has been formed and started their work.
“Russia is a world leader in the development of financial technologies. In particular, the share of non-cash transactions in the country has grown from 38% to 70% over the past four years. The team of DOM.RF and DOM.RF Bank, for their part, are responsible for the digital transformation of the construction industry and the financial sector. For DOM.RF, the digital ruble testing is an extremely interesting task of first priority, which will simplify the delivery of many services and implement a number of digital facilities, including a one-click mortgage and control over the targeted spending,” said DOM.RF managing director Nikolay Kozak.
DOM.RF Bank, among 12 Russian banks, was included in the pilot group for testing the digital ruble in June 2021. The digital ruble project involves the creation of a new payment infrastructure. The Bank of Russia will issue the virtual currency, and each digital ruble will have its own unique identifier.
A prototype of the digital ruble platform is supposed to be completed and its testing started in 2021-2022. The testing will take about a year in total. The use of the digital ruble is expected to ensure the absolute safety of the client's funds even if the bank's license is revoked – the virtual money will be kept on the side of the Bank of Russia.
As the bank notes, the digital ruble will make it possible to control the targeted use of maternity capital, housing and other subsidies, the spending of project financing by developers and the use of mortgage loans, the claims of amounts of transactions not authorized by the account holder, and give other advantages that cash and non-cash money cannot offer.