VTB unveiled a prototype service for transferring digital rubles.

VTB is the first Russian bank to introduce a prototype mobile app service for opening a digital wallet and transferring digital rubles, RBK reports.

VTB's press service reported that some clients will receive trial access to digital ruble transactions in 2023.

“We are currently testing operations for opening wallets for legal entities. We have already successfully registered a legal entity in test mode, opened a wallet for them, and generated a static QR code for payment,” said Vadim Kulik, Deputy Chairman of the VTB Management Board.

At the Finopolis 2022 forum of innovative financial technologies, the bank demonstrated a service for purchasing digital financial assets using digital rubles, which will become available to clients next year. The bank is preparing to offer the option to exchange non-cash rubles for digital ones by 2024.

In May, the Central Bank announced that it plans to begin testing the digital ruble in real transactions and with bank clients in April 2023. The regulator also plans to try using smart contracts in the digital ruble pilot.

The digital ruble is an additional form of the Russian national currency, issued by the Bank of Russia. It combines the properties of cash and non-cash rubles. Like non-cash money, the digital ruble enables remote payments and online settlements. On the other hand, like cash, it can be used offline—when there is no internet access.