{"id":11481,"date":"2023-11-09T05:17:52","date_gmt":"2023-11-09T05:17:52","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/russians-withdraw-digital-rubles-as-cash-at-atms\/"},"modified":"2023-11-09T05:17:53","modified_gmt":"2023-11-09T05:17:53","slug":"russians-withdraw-digital-rubles-as-cash-at-atms","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11481","title":{"rendered":"Russians \u2018Withdraw\u2019 Digital Rubles as Cash at ATMs"},"content":{"rendered":"<div>\n<figure id=\"attachment_128686\" aria-describedby=\"caption-attachment-128686\" style=\"width: 1500px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-128686\" class=\"wp-caption-text\">Source: motortion\/Adobe<\/figcaption><\/figure>\n<p>A major Russian bank has created a solution that lets digital ruble holders perform real-time \u201cwithdrawal\u201d-type cash conversions at ATMs.<\/p>\n<p>Per Izvestia, VTB Bank has developed a solution that lets CBDC holders instantly convert their digital rubles to banknotes at any of the bank\u2019s 14,000 ATMS \u201cthroughout Russia.\u201d<\/p>\n<p>The bank presented its new CBDC solution at the recent Finopolis 2023 fintech forum.<\/p>\n<p>VTB said the service would initially be available to a select number of its digital ruble-using online banking clients.<\/p>\n<p>Around 600 Russians are currently using the coin in 11 cities, including Yekaterinburg and the capital Moscow.<\/p>\n<p>The Central Bank wants to expand the scope and scale of the pilot early next year.<\/p>\n<p>VTB said its solution was \u201cinstantaneous and seamless,\u201d and that it uses a bridge-type system to transfer CBDC holdings from digital wallets into \u201cnon-cash rubles,\u201d which are then converted to cash via conventional bank accounts.<\/p>\n<figure id=\"attachment_128687\" aria-describedby=\"caption-attachment-128687\" style=\"width: 638px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-128687\" class=\"wp-caption-text\">A branch of VTB Bank in Russia\u2019s Nizhny Novgorod. (Source: Artem Korzhimanov [CC BY 3.0])<\/figcaption><\/figure>\n<h2>Russians to \u2018Withdraw\u2019 Digital Rubles from ATMs \u2013 What Next for the CBDC?<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Georgy Gorshkov, VTB\u2019s Deputy President and CEO, said:<\/p>\n<blockquote>\n<p>\u201cThe banks that are taking part in the pilot are testing [the digital ruble] in their real operations. After this, [the Central Bank] will release the coin into mass circulation. But in order to make it understandable for users, we need to prepare the entire infrastructure in advance.\u201d<\/p>\n<\/blockquote>\n<p>He added:<\/p>\n<blockquote>\n<p>\u201cThe launch of tech that lets people withdraw digital rubles from ATMs is a big step in this direction. It will make the process of working with [the CBDC] clearer, more convenient, and simpler.\u201d<\/p>\n<\/blockquote>\n<p>Bank officials added that theCBDC services would be free for private citizens, but that companies would need to pay a commission rate of 0.3%.<\/p>\n<p>Twelve other banks are currently involved in the CBDC pilot, with a batch of 16 more set to join in the New Year.<\/p>\n<p>The new batch includes the megabank Sberbank, as well as several regional banks, seemingly following a pattern set by China and its digital yuan project.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83c\uddf7\ud83c\uddfa Russia Could Use Digital Ruble to Evade SWIFT, Wants Foreign Banks to Use its CBDC<\/p>\n<p>Russia\u2019s Central Bank thinks its digital ruble could let citizens pay abroad without using the SWIFT banking platform \u2013 and wants to let foreign banks use its CBDC.https:\/\/t.co\/YouQgGqo14<\/p>\n<p>\u2014 Cryptonews.com (@cryptonews) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/cryptonews\/status\/1712389553128870025?ref_src=twsrc%5Etfw\">October 12, 2023<\/a><\/p>\n<\/blockquote>\n<p>The Central Bank\u2019s First Deputy Chair Olga Skorobogatova has claimed that the pilot is so far going according to plan.<\/p>\n<p>She explained that citizens had used the digital RUB to make \u201cseveral thousand transactions.\u201d<\/p>\n<p>Skorobogatova said that pilot participants have also made successful P2P transfers and B2C payments.<\/p>\n<p>The Central Bank executive added that companies are also using the coin to make B2B payments.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/russians-will-be-able-to-withdraw-digital-rubles-as-cash-at-atms.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: motortion\/Adobe A major Russian bank has created a solution that lets digital ruble holders perform real-time \u201cwithdrawal\u201d-type cash conversions at ATMs&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":11482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-11481","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the 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