Banks in Russia are ready to start testing operations with the digital ruble, but initially on a “friends and family” basis, meaning bank employees and a limited circle of clients.
When conducting transactions with the digital ruble, it will be possible to set specific goals for the use of the asset. This approach can be used in everyday life, for financing budgetary institutions, or in commercial transactions, and even, for example, to allocate money to a child for breakfast at school.
The technology will help combat fraudsters and enable “budget money to be purposefully used for the implementation of specific programs for which they were intended. The same can happen in the interaction of commercial organizations, where one company transfers money to another for the supply of goods or the execution of certain specific tasks.”
The first such transactions may be carried out as early as August this year. Additionally, the digital ruble will be exchangeable for other currencies, such as the digital yuan.