RACIB created a 'digital container' for the digitized ruble

RACIB created a “digital container” for the digitized ruble
CONTENT

  • RACIB offered the Central Bank of the Russian Federation to use the domestic framework for the turnover of the digital ruble

  • New digital container is independent of sanctions and certification centers

  • Earlier, the Central Bank of the Russian Federation initiated public hearings on the issue of the digital ruble

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The Association made a proposal to the Central Bank of the Russian Federation to use a special digital container in interbank payments for settlements with a digital ruble

RACIB created a 'digital container' for the digitized ruble

The Russian Association of Cryptocurrencies and Blockchain (RAKIB) proposed to the Central Bank of the Russian Federation to use the domestic framework for transfers of the digital ruble. This is reported in a letter from RACIB President Yuri Pripachkin to the head of the Central Bank of the Russian Federation Elvira Nabiullina. RACIB associates the initiative to transfer the digital ruble to a special framework with the danger of disconnecting Russian commercial banks from the SWIFT system of international financial payments.

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Created in cooperation with specialists from the Russian Academy of Sciences, the “digital container” from RACIB will be able to safely store and move the information stored in it. According to the Association, the financial messaging system (FMS) will not be able to meet the plans for the digitalization of the domestic economy:

“The SPFS system does not fully solve this problem, since it is intended only for making settlements on the territory of the Russian Federation. The most important task is to ensure communication with friendly foreign banks and Russian overseas banks and institutions “.

Sanctions protection tool

The “digital container” also maintains the anonymity of the recipients of payments in the context of sanctions and the control of the operations by the supervisory authority. How exactly the anonymity of payments will be carried out is still unknown. The product developed in RACIB, according to the Association, uses domestic algorithms, and is also independent of sanctions and SWIFT certification centers.

RACIB created a 'digital container' for the digitized ruble

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Recall that in mid-October 2020, the Central Bank of the Russian Federation began public consultations on the issue of the digital ruble issue. The decision to study in more detail the potential issue of digital currency is associated with the formation of a request from society “to increase the speed, convenience and safety” of payments using modern technologies.

Earlier, Konstantin Egorov, professor at the Russian School of Economics, said that if the digital domestic currency is attractive enough, foreign partners with business representatives can also switch to it..

What Russian experts think about the digital ruble – read the special material BeInCrypto.

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