MOSCOW, March 25 – RIA Novosti, Natalia Dembinskaya. From April 1, the government will begin testing the digital ruble, the third form of the national currency. All Russian banks will be connected to it, transactions will be made through the Central Bank. RIA Novosti understood how the new payment instruments would work and help the economy.

The prototype of the digital ruble platform was ready in December 2021. Testing on real customers is an important phase of the program.

We are talking about a unique electronic code (token). In the pilot project, it will be paid with large banking institutions and companies. And, for example, VTB will try operations among its employees.

In the future, all banks will participate. Anyone can (on request) get an electronic wallet for virtual money.

Digitalization continues in the economy. Moreover, in the face of sanctions and constant pressure from the West, the Central Bank is forced to adapt the banking system by developing domestic payment products.

As the project grows, the possibility of cross-border settlement with friendly countries will open up.

The single currency of the organization will be discussed at the BRICS summit in August. “The Central Bank will also work in this regard. Most likely they will create a bank where you can exchange it for the currency of the BRICS or another country involved in the structure,” says Vladislav Antonov, a financial analyst at BitRiver.

Experts emphasize that this will not affect the ruble exchange rate in any way. However, as it will act as a new entry point to investment vehicles, it will potentially support demand and popularize the Russian currency in general.

Since the digital ruble is non-cash and equal to cash, the payments in it are no different from any other – by card or online.

But the Internet is not required, and the high security of transactions comes to the fore: unlike traditional wire transfer, the digital currency is not stored in the bank, but in the Central Bank itself.

“This insures your funds, the regulator will immediately block suspicious transactions,” explains Milchakova.

Another plus is that if a credit institution goes bankrupt or a license is revoked, nothing will happen to the money. Antonov adds that the digital wallet opens the Central Bank, which fulfills all obligations to customers.

In the future, this will spread to smart connections in business, the real estate market, and other areas where large payouts are made.

“Smart communication is actually an order to send money from wallet to wallet under certain conditions. For example, only after registration with Rosreestr. This will increase the security of transactions and their quality will reach a completely different level.” highlights.

In general, the digital ruble is another convenient means of payment.

“The Central Bank will reduce cash, the control over the spending of budget funds will be strengthened. Special rates will not need to be set. The purchasing power is the same as that of regular money,” Antonov explains.

“Good for business for the same reasons – security, loss protection. No internet connection, which means there is no need for online safes and maintenance costs,” adds Milchakova.

Retail chains will also save on purchasing. According to BitRiver analysts, even at the initial stage of program implementation, this will yield tens of billions.

Pavel Sigal, First Vice President of Opora Rossii, explains that it is more convenient to pay electricity bills, taxes, online orders and transfer with digital currency.

Of course, the implementation will not be fast – it will take more than a year. Developing the legal framework will take time. In addition, it is necessary to study the issues of hacking and fraud. But experts assure that the digital ruble is ready for this: a unique coin cannot be counterfeited.