VTB Bank announced that it is going to create a pilot project of a platform that will conduct international payments linked to digital financial assets (DFAs).
“There is a certain area in which it is possible to invent platforms that use DFA in order to run calculations on these platforms,” said Vadim Kulik, deputy chairman of the bank..
VTB is currently experimenting with such platforms.
“They will have some kind of country-specific linking, that is, created according to the principle of “one platform – one country.”. But, nevertheless, further they can be connected with each other by integration bridges, and thus a multi-country settlement system will arise that will use the distribution of the system,” Kulik said. “It is clear that the input and output are fiat currency, a digital financial instrument will be used internally, which is tied to indices”.
The pilot of the project is expected at the end of 2023 or beginning of 2024.
VTB recently announced that it had developed a technology for withdrawing digital rubles from ATMs in Russia. The bank claims that digital currency can be withdrawn from 14,000 ATMs in the country. The day before, digital financial assets (DFAs) backed by precious stones were issued for the first time in Russia.