Digital ruble will not replace cash - Goznak

Digital ruble will not replace cash – Goznak
CONTENT

  • The head of Goznak urged not to rush into discussions about replacing cash with a digital ruble

  • Banks are nervous about a potential change in their relationship with the regulator, Trachuk said

  • Rospotrebnadzor calls for reducing contacts with cash

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Digital ruble will not replace cash - Goznak

The head of Goznak considers it premature to talk about the negative impact of the digital ruble on cash turnover

The digital ruble will become a very close alternative to physical money, but it is too early to talk about the disappearance of cash. This opinion was expressed by the head of Goznak Arkady Trachuk in an interview with RIA Novosti.

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Digital ruble will not replace cash - Goznak

According to Trachuk, the digital national currency can become an alternative to traditional money only if it has all the advantages of cash. At the same time, the head of Goznak believes that it is too early to talk about how the introduction of the digital ruble will affect inflation, the banking sector and other financial and economic indicators..

Nervous restlessness

Trachuk believes that the banks’ nervousness about the emergence of the digital ruble is primarily related to a potential change in relations with the regulator..

“Today I would not undertake to say that this is definitely the death of cash, or that it will not affect cash – the phase of discussions is too early,” the head of Goznak said..

Despite the lack of a unified position on the future of cash, some agencies are still advising to reduce contact with physical money. In October, for example, Rospotrebnadzor announced the threat of coronavirus infection through banknotes.

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The agency urged Russians to carry out settlements in a non-cash form, since “on the surface of banknotes, the virus remains active for at least 1 day, on the surface of coins – at least 3 hours”.

Digital ruble will not replace cash - Goznak

Meanwhile, Deutsche Bank, Germany’s largest financial conglomerate, predicts the end of the cash era due to the emergence of central bank digital currencies (CBDCs). With the further development of digital technologies, bank experts expect the disappearance of physical banknotes.

Want to know more about what is central bank digital currency? Read our in-depth guide to CBDC Paper bills and coins may be a thing of the past with a new financial instrument – Central Banks Digital Currency (CBDC). As of … More.

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