Russia will test the use of the digital ruble for settlement of real estate transactions

On June 23, according to Russian media reports, the Central Bank of Russia and commercial banks participating in the pilot hope to use the digital ruble to test various types of payments. The initiative aims to experiment with smart contracts and transactions related to real estate and crypto asset purchases. The Russian central bank plans to start implementing digital ruble smart contracts in April next year, the Izvestia newspaper quoted the regulator as saying. Until then, the digital ruble will be tested in a variety of scenarios, including automated payments, and other transactions between individual users and businesses, such as real estate purchases. Promsvyazbank (PSB) explained that smart contracts facilitate the execution of contractual terms without the need for a third party to act as a guarantor. The money is kept in a smart contract wallet on the digital ruble platform and sent to the seller’s wallet as soon as the title is transferred. Rosbank added that the technology could be used for targeted financing of property purchases by lenders. Vneshtorgbank (VTB) has detailed that digital ruble smart contracts will allow large corporations to conduct complex transactions. The bank is also participating in the pilot, planning to start testing the purchase of digital financial assets (DFA) using the digital ruble in September. (