Russia exploring CBDC for settlements of real estate deals


The Central Bank of Russia (CBR) is expanding its trails for the digital ruble it is developing. The CBR is now also exploring more use cases for the central bank digital currency (CBDC), including for use in settlement of real estate deals.

The CBR, as well as banks participating in testing the digital ruble platform, disclosed this to Izvestia, a local news outlet. Testing this use case is already ongoing, along with testing for use in making regular payments for goods and services.

The participating banks are also coming up with possible use cases for the CBDC. Vneshtorgbank (VTB) says it plans to test using the digital ruble to facilitate the purchase of digital financial assets (DFAs).

Meanwhile, Promsvyazbank (PSB) says it is looking forward to when the platform will have smart contract capabilities in April 2023. With smart contracts, carrying out real estate deals will be made even easier as there will be no need for a middleman or…

Read more…