The Russian bank VTB was the first among domestic credit institutions to develop a technology that allows the withdrawal of 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, inside which the user needs to select a digital ruble account to withdraw funds. It is noted that first the digital rubles are transferred to a non-cash account, after which they will become available for withdrawal at an ATM. The bank claims that the transfer of digital rubles to non-cash ones 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. As part of the pilot project, it will be easier to work with digital currency, 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.
