Russia’s monetary authority reports first successful digitalruble transactions between end users.
Testing of the digital ruble has started in Russia with the country’s central bank announcing the first complete transactions between individual wallets. The monetary authority, a staunch opponent of cryptocurrencies, says its digital currency will create new opportunities for citizens, businesses, and the Russian state.The Central Bank of the Russian Federation and participating financial institutions have begun testing the digitalized national fiat currency.
The users were able to open digital ruble wallets through the apps and exchange regular electronic money from their bank accounts for digital rubles and then transfer the coins between themselves, the CBR detailed in an announcement. During the first stage of the trials, participants will focus on opening wallets for banks and private clients. The second stage will involve processing payments, including for public services, implementation of smart contracts, and interactions with the Federal Treasury.
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