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Russia to Trial Digital Ruble Settlements for Real Estate Deals

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The Central Bank of Russia and participating commercial banks want to test various types of digital ruble payments, according to the Russian press. The plan is to experiment with smart contracts and transactions related to the purchase of real estate and crypto assets.

The Bank of Russia will launch smart contracts on the Digital Ruble platform

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The Central Bank of Russia intends to start implementing smart contracts with the digital ruble next April, the Izvestia daily reported this week, citing the regulator. Until then, the new incarnation of national fiat will be tested in various scenarios, including automatic payments and other transactions between individual users and businesses, such as the purchase of real estate.

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The Bank of Russia has finalized the prototype platform for its central bank digital currency (CBDC) in December 2021. In January of this year, a dozen Russian banks joined the pilot project. At its first stage, participants issue digital rubles, set up wallets for banks and citizens, and make transfers between them. Smart contracts will be introduced in the second phase of the pilot project.

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Smart contracts facilitate the execution of the terms of the contract without involving a third party as a guarantor, explained in Promsvyazbank (PSB). The money is stored in the smart contract wallet on the digital ruble platform and sent to the seller’s wallet immediately after the transfer of ownership. Rosbank added that the technology can be used to finance the purchase of real estate by a creditor.

Digital smart contracts in rubles will allow large businesses to conduct complex transactions, Vneshtorgbank (VTB) explained for the article. The bank, which is also participating in the pilot, told Izvestia that in September they plan to start testing the purchase of digital financial assets (DFA) for digital rubles.

DFA is the current legal term for cryptocurrencies and tokens in Russia. This autumn, Russian legislators will consider a new bill “On Digital Currency”, designed to expand the regulatory framework for crypto assets. Financial and technological restrictions imposed on Russia due to the war in Ukraine could also give impetus to the digital ruble project, experts in Moscow say.

Do you expect Russia to accelerate the schedule of the ruble digital currency project? Tell us in the comments section below.

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Credit : news.bitcoin.com

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