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The Central Bank of the Russian Federation is preparing a mobile application for the digital ruble

The Central Bank of the Russian Federation is preparing a mobile application for the digital ruble

HappyCoinNewsHappyCoinNews2024/11/26 05:00
By:HappyCoinNews

The Central Bank of the Russian Federation is studying the development and implementation of a mobile application for the digital ruble, intended for the banking sector, Vedomosti reports.

According to the publication’s journalists, at the beginning of autumn, the Bank of Russia received a letter from the Association of Russian Banks (ARB), which stated that medium and small banks did not have enough funds to include the digital ruble platform in their systems.

The letter emphasized that medium and small credit institutions would face expenses that would be several times greater than the volume of their business in the market. For this reason, the association proposed developing a standard and unified application for the digital ruble, reminiscent of the SPB platform, and creating certification centers under the control of the Central Bank of Russia.

According to ADB representatives, this approach will allow each bank to become an active participant in the digital ruble platform and will significantly reduce the costs of developing the corresponding infrastructure.

In a response letter, the Bank of Russia approved the association’s proposal and indicated that it was ready to work on the issue of creating a mobile application for the digital ruble, including the creation of a certification center.

The Bank of Russia noted that specialized software designed for conversions during operations with the digital ruble has already been developed for inclusion in the mobile application of the banks themselves. It will be provided to all participants of the digital ruble platform free of charge.

EN @happycoinnews
EN @happycoinnews_en
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