Russian bank VTB is the first among domestic credit organizations to develop a technology that allows withdrawing digital rubles through an ATM. To receive cash from an account containing digital rubles, the bank's client must scan the ATM's QR code using a smartphone.
Next, the VTB Online application will open on the phone, within which the user needs to select a digital ruble account to withdraw funds. It is noted that digital rubles are first transferred to a non-cash account, after which they become available for withdrawal at an ATM. The bank claims that the transfer of digital rubles to non-cash will be instantaneous.
VTB's management believes that the introduction of this technology is a big step for the development of the third form of national currency. Within the framework of the pilot project with digital currency, it will become easier to work, the financial organization summarized.
Recall that since August 2023, the Bank of Russia has launched a pilot project with digital rubles. The regulator has repeatedly emphasized that 1 digital ruble is equal to 1 non-cash or 1 cash ruble. 13 banks are currently participating in the project, as well as several hundred individuals.
