The regulator rejected the idea of issuing loans through the digital ruble
The Central Bank of the Russian Federation rejected the idea of deposits in the digital ruble
The regulator also denied the possibility of issuing loans in national digital currency
Banking market representatives are skeptical about the plans of the Bank of Russia
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The digital version of the national currency will not be able to be used for issuing loans, loans or deposits, the regulator said.
The digital ruble cannot be used in the basic concept for bank deposits or loans. This was stated in the State Duma by the deputy chairman of the regulator Alexey Zabotkin, writes TASS.
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According to a representative of the regulator, the creation of deposits in the digital ruble from the Central Bank of the Russian Federation is not considered:
“Deposits in the digital ruble will not be provided, they will not be part of the digital ruble mechanism in the same way as loans in the digital ruble will also be impossible to issue”.
Thus, the Central Bank is actively moving towards the limited functionality of the digital currency in the domestic market. So, for example, earlier Zabotkin said that the regulator does not intend to share the obligations to issue the digital ruble with other financial institutions..
At the same time, all digital currencies will be stored exclusively in the accounts of the regulator itself, and not in commercial banks..
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The Russian Association of Cryptocurrencies and Blockchain (RACIB) believes that the digital ruble turnover model proposed by the regulator returns the country’s economy to Soviet times, “excluding commercial banks, payment systems and other market participants from the process.”.
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Also, the Bank of Russia rejected any stablecoins based on the Russian ruble. First Deputy Chairman of the Central Bank Sergei Shvetsov said earlier that Russia will follow the example of China, where any stablecoins based on the yuan are prohibited.
Meanwhile, Anatoly Popov, deputy chairman of the board of Sberbank, predicts that the emergence of the digital ruble may lead to a decrease in liquidity and an increase in lending rates. Sberbank expects that within three years after the launch of the digital ruble, banks may miss from ₽2 to ₽4 trillion.
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