VTB presented technology for withdrawing digital rubles from ATMs – Kommersant
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VTB (MOEX: VTBR) became the first Russian bank to develop technology for withdrawing digital rubles through ATMs. For now, the operation is being tested by banks participating in the project, after which it will be put into mass circulation, the press service of the credit institution reported. The technology for withdrawing digital rubles was presented by VTB as part of the Finopolis-2023 forum, which started today in Moscow.
To withdraw cash from a digital ruble account, the client needs to point the smartphone camera at the QR code of the ATM, after which VTB Online will open on the user’s screen. Next, you need to select a digital ruble account, from where the required amount will first be transferred to a non-cash account, and then will be available for withdrawal from an ATM from a bank account. Calculation formula: 1 digital ruble = 1 non-cash ruble = 1 cash ruble.
Transfers and payments with digital rubles are free for individuals and are not subject to commission. When paying by individuals in favor of legal entities, the commission will be 0.3% of the payment.
“The launch of technology for withdrawing digital rubles from ATMs is a big step in this direction, which will make the process of working with them clearer, more convenient and simpler. “Soon, as part of the pilot in VTB Online, it will be possible to perform familiar transactions with digital currency without visiting the office,” commented Georgy Gorshkov, Deputy President and Chairman of the Board of VTB, on the introduction of the new technology.
The Bank of Russia began work on creating a digital ruble in 2021. The main provisions of the law establishing the legal norms for the introduction of the digital ruble in Russia came into force on August 1, 2023. In the same month, piloting of the digital ruble began in real transactions for individuals and legal entities. Operations until 2025 will take place in test mode.
Read more about how banks estimate the costs of introducing a new form of national currency in the Kommersant FM article. “The digital ruble costs a pretty penny”.
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