According to the Russian Press, the Central Bank of Russia and participating commercial banks want to try different types of payments in digital rubles. The plan is to test smart contracts and transactions related to the purchase of real estate and crypto assets.
Bank of Russia to launch smart contracts on digital ruble platform
The Central Bank of Russia announced this week that it will begin implementing smart contracts with digital rubles next April. In the meantime, the new National Factor will test different conditions, automated payments and other transactions between private users and businesses, such as real estate discoveries.
The Bank of Russia has completed the Central Bank Digital Currency (CBDC) prototype forum in December 2021. First, participants will be able to issue digital rubles, create wallets for banks and citizens, and transfer transactions between them. Smart contracts are offered at the pilot level.
Smart Contracts facilitate the execution of contracts without guaranteeing third parties, explains Promes vyazbank (PSB). The money will be deposited in a modern contract wallet on the digital ruble platform and will be sent to the seller’s wallet as soon as the ownership is transferred. Rosbank added that the technology could be used by the lender to finance the purchase of real estate.
Vneshtorgbank (VTB) explains in its article that digital ruble smart contracts allow large businesses to conduct complex transactions. The bank, which is participating in the pilot, told Izvezia that it plans to test the purchase of digital financial assets (DFFAs) in September in digital rubles.
The DFA is the current legal term for encryption currencies and tokens in Russia. A new bill designed to expand the regulatory framework for crypto assets “digital currency” will be reviewed by Russian lawmakers this fall. Experts in Moscow say the financial and technological restrictions imposed by Russia during the war in Ukraine could also put pressure on the digital ruble project.
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