The Central Bank of Russia aims to create an app for digital ruble transactions

The Bank of Russia intends to discuss the creation of a mobile application for transactions with the digital ruble with participants in the financial market, according to Vedomosti.

Previously, the financial institution received a letter from the Association of Russian Banks (ARB), indicating that small and medium-sized banks are concerned about the substantial infrastructure costs associated with implementing the digital ruble. Since the digital ruble is expected to be mandatory for all banks, financial institutions will incur costs that are disproportionate to the scale of their business.

In this regard, the Association proposed the creation of a unified application for the digital ruble, similar to the "SQP" (System for Quick Payments). This approach would allow all banks in Russia to participate in the digital ruble platform and reduce expenses related to the development of infrastructure elements.

The Central Bank supported the initiative, adding that it is prepared to work on the matter of creating the mobile application.

Earlier, representatives of the Bank of Russia stated that points of sale without internet connectivity would not be required to accept payments using the digital ruble.