The head of VTB doubts that the Central Bank will replace banks with a digital ruble
The head of VTB expressed doubts about the possibility of replacing banking services with the appearance of the digital ruble
Kostin urged the Central Bank not to engage in banking business
The regulator said it is ready to set up instruments to maintain currency liquidity
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The head of the Russian universal commercial bank VTB believes that the regulator should not be involved in the business of commercial banks
VTB CEO Andrey Kostin believes that the Central Bank should not take away the business of commercial banks using the digital ruble. He expressed this opinion at the forum “Russia Calling!”, Writes RBC.
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Also, the head of VTB believes that the issue of launching the national digital currency requires improvement, since due to the emergence of the digital ruble, “part of the business can move from banks to the Central Bank.” So far, Kostin does not see a working model within which commercial banks “will be able to keep business” during the digitalization of the economy.
“Doing business is definitely not doing the Central Bank,” he said.
The chairman of the board of VTB stressed that he had never been an oppositionist to the idea of a state digital currency, but spoke exclusively against unregulated cryptocurrencies:
“I said that the existence of a digital currency, which is not regulated in any way and is a private matter of everyone who mines, will end up someday, because the state will never be able to tolerate this developing as a parallel financial system.”.
The central bank can do everything
The head of the Bank of Russia Elvira Nabiullina confirmed the fact that the emergence of digital currency can affect the business of financial institutions. The Central Bank, according to Nabiullina, predicts a possible complication of liquidity management, but the regulator “is ready to adjust its instruments so that banks have no fears.”.
“We understand this and want to hear how banks see this [digital ruble] … The costs of individual operations will fall, but convenience will lead to the fact that the volume of such operations will be greater,” the head of the Central Bank of the Russian Federation emphasized.
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As a reminder, earlier in October, the Central Bank initiated public consultations on the issue of the digital ruble. The decision to study in more detail the potential issue of digital currency, according to the regulator, is associated with the formation of a request from society “to increase the speed, convenience and safety” of payments using modern technologies.
Along with studying the issue of digital currency, the Bank of Russia limited the annual investment in cryptocurrencies for unqualified investors to 600 thousand.
How the digital ruble can affect the Russian economy – read in a special material from the BeInCrypto editorial office.
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