The Bank of Russia is trying to allay banks’ fears about the emergence of the digital ruble


Russia’s central bank vice-governor Olga Skorobogatova met with representatives of several large Russian banks to discuss the concept of the future shape of the digital ruble. Bankers were particularly interested in the degree of centralization of this alternative currency, should it actually be launched.

Skorobogatova met with representatives of Sberbank, VTB, Gazprombank, Russian Standard Bank and the electronic payment platform Qiwi. In particular, the role of commercial banks in a system based on the digital ruble was discussed. In addition to the degree of centralization, the banker wondered whether the digital ruble would replace the existing cashless money or whether it would be an alternative.

But bankers do not believe much that the digital ruble is a third form of money in addition to banknotes and coins and money in bank accounts in non-cash form. Representatives of banking houses also wanted to know how big a role commercial banks will play in the digital ruble system. Whether they will be something like an extended hand of the Bank of Russia, or whether they will be able to offer clients classic bank accounts for the digital ruble.

The Bank of Russia has previously announced a possible scenario for the introduction of the digital ruble, which should take place over the next year. Russia’s central bank governor, Elvira Nabiullin, suggested that the digital ruble could see the light of day at the end of 2021.


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