The digital ruble will reduce the costs of servicing cashless payments, said Olga Skorobogatova, the Bank of Russia’s First Deputy Chair, at a meeting of the State Duma Committee on the Financial Market, «Известия».
She said that tokenisation of the ruble would allow ‘colouring social payments and tracking the entire chain’.
The Bank of Russia outlined its vision for an electronic wallet with the digital rubles. Access is expected to be available through any bank. The central bank is also considering a unified tariff policy.
According to the presentation, the digital rubles will define the categories of goods eligible for purchase. As an example, the central bank cited a prohibition on alcohol purchases for children.
According to Skorobogatova, the digital ruble would help bank clients escape ‘payment slavery’ and address the problem of restrictive limits in the Faster Payments System, RBC.
Earlier, according to the finance minister’s estimates, the digital ruble will simplify international money transfers and increase the transparency of settlements.
For more on the central bank’s digital currency, read ForkLog’s exclusive.
Accessibility and traceability: how the Bank of Russia sees the digital ruble
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