Russian Cellular Operators Consider Integrating Digital Rubles on Smartphones

Russian mobile operators are interested in integrating digital ruble wallets into smartphones if a new asset is launched.

February 16, 2021 | AtoZ Markets – Russian wireless service providers MegaFon and Beeline proposed to link digital ruble wallets on smartphones to user’s phone numbers, according to a February 16 report by a local news agency Izvestia.

Cellular Operators Will Hasten the Launch of Digital Rubles

The representative of Megafon noted that the operators will be able to help the rapid launch and distribution of the digital ruble “due to the massiveness of communication services.” He emphasized that linking a wallet to a subscriber number can contribute to more flexible management of digital assets.

The companies’ representatives said:

“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.”

Beeline, together with Megafon, actively participated in the discussion of the Central Bank’s report on the digital ruble.

In late 2020, the first deputy governor at the Russian central bank, Olga Skorobogatova claimed that digital ruble wallets would be available through a platform by the Bank of Russia.

The Bank of Russia released its first consultation paper on the development of the digital ruble in October 2020. The bank said that users will be able to access the digital ruble on their e-wallets and mobile devices, both online and offline.

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