Russian mobile carriers consider smartphone integration for digital ruble
Russian wireless service providers MegaFon and Beeline proposed to link digital ruble wallets on smartphones to user's phone numbers. Major Russian mobile network operators like MegaFon and Beeline are considering how the digital ruble will function on their mobile devices. According to a Feb. 16 report by local news agency Izvestia, Beeline and MegaFon proposed to set up smartphone wallets for Russia’s central bank digital currency.The carriers also suggested additional services like linking a digital wallet to a customer’s phone number. This would allow users to store digital rubles....
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VTB has become the first Russian bank to add the digital ruble to its mobile application. The integration is currently being tested with accounts set up for legal entities. Select customers will be granted access in the coming months and will be able to join the trials. VTB’s Mobile App to Support Digital Ruble Transfers and Payments VTB Bank has led the way among financial institutions in Russia to develop a prototype feature allowing users of its banking app to open accounts and make transfers with the digital version of the national fiat currency. Some clients will be allowed to perform....
A Russian bank, one of the country’s largest by assets, has conducted a successful trial with digital ruble transactions processed through its mobile app. The state-owned Promsvyazbank was one the institutions placed under Western sanctions earlier this year in connection with Moscow’s actions in Ukraine. Russian Bank Experiments With Digital Ruble Transfers via Mobile Application Promsvyazbank (PSB) is one of the first Russian lenders to join the trials of the central bank digital currency (CBDC) issued by the Bank of Russia. According to a report by the business news....
Last week the Russian ruble hit a seven-year high against the U.S. dollar and while analysts have downplayed the rise, one economist said people should not “ignore the exchange rate.” American economists have been perplexed about the ruble’s market performance and Russian officials have been quoted as saying that a strong ruble “makes Russian exports more expensive.” Furthermore, U.S. president Joe Biden continues to blame high gas prices on Vladimir Putin.
Vladimir Putin Says the West’s Sanctions Obviously ‘Did Not Succeed’....
Russia intends to use its digital ruble, to be introduced early next year, for payments with its key ally, China. Authorities in Moscow hope other nations will be willing to adopt the Russian digital currency in trade, which will allow the country to circumvent sanctions imposed over the Ukraine war. Russian Federation Eyes Digital Ruble for Payments in Trade With China The Central Bank of Russia is gearing up to launch settlements with the digital ruble, the new incarnation of the Russian fiat currency that’s now being tested, as early as 2023. According to a statement by a....
Russian banks and financial brokers are worried the digital ruble will be a burden for them.