Digital ruble smartphone integration considered by mobile carriers

16 Feb 2021

Major mobile network operators in Russia, such as MegaFon and Beeline are looking into ways the digital ruble will function on their smart devices.

According to a report published on Tuesday by local news outlet Izvestia, Beeline and MegaFon proposed to set up smartphone wallets for Russia’s central bank digital currency.

The mobile network operators also suggested other services such as linking a digital wallet to a client’s phone number, reports Cointelegraph.

This would permit users to store digital rubles directly on their smartphones, and also transfer and pay using the digital currency via smart devices, according to a spokesperson for MegaFon.

The Izvestia news agency went on to report that both MegaFon and Beeline have been involved in digital ruble talks with Russia’s central banks.

Representatives from the companies stated: “We are interested in digital ruble aspects like maintaining wallets on smart devices, which is not part of the current version of the concept, as well as the possibility of performing P2P payment transactions without the participation of financial intermediaries, including offline mode support.”

At the end of last year, first deputy governor at the Russian central bank, Olga Skorobogatova stated that digital ruble wallets would be available via a platform by the Bank of Russia.

The central bank of Russia released its first consultation paper on the development of the digital ruble back in October last year.

The bank added that users would be able to access the digital currency on their e-wallets and mobile devices, whether online or offline.