Russian banks will not participate in the digital ruble issue
Central Bank abandoned the idea of involving banks in the issue of the digital ruble
Financial institutions will still participate in the circulation of digital currency
The regulator cannot predict the consequences for cash and non-cash from the introduction of the digital version
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The Central Bank of the Russian Federation does not plan to transfer the authority to issue the digital ruble to commercial financial institutions
The Central Bank of the Russian Federation will not share obligations to issue the digital ruble with other financial institutions. Deputy Chairman of the Central Bank Alexey Zabotkin said this in an interview with Izvestia..
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The official noted that potential cooperation with banks will depend on the digital currency distribution model that the Central Bank will choose. However, the scenario in which the regulator could independently serve all users of the digital ruble in full, Zabotkin called “unlikely.”.
“We believe that financial intermediaries will be involved. To what extent and in what part depends on the chosen model, “he said..
Zabotkin also stressed that despite the use of distributed ledger technology, the digital ruble will not become an analogue of cryptocurrency..
The unpredictability of the situation
The Deputy Chairman of the Central Bank drew attention to the fact that the platform for the turnover of the digital ruble will ensure the confidentiality of settlements, but there is no talk of anonymity. Thus, the regulator does not want to go against the law “On Combating Legalization (Laundering) of Criminally Obtained Incomes and Financing of Terrorism”.
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Zabotkin noted that while developing the digital ruble, the Central Bank does not set the task of replacing the dollar and the euro.
“This is not a task that we are trying to solve by introducing the digital ruble,” he said..
However, so far the regulator is not ready to predict exactly how the appearance of the digital ruble will affect the turnover of cash and non-cash payments in the country due to the lack of foreign analogues to study. Recall that the Central Bank has already refused to transfer all non-cash payments under the concept of digital currency, as previously proposed by Sberbank. According to the Central Bank, the digital ruble is exclusively the “third form of money”.
Read about why banks do not believe in the potential of the digital ruble in a special material from BeInCrypto.
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