Gref urges refinement of the digital ruble project

In the future, both bank-issued stablecoins and central bank digital currencies (CBDCs) will be used in the global economy, said Sberbank chief Herman Gref in an interview with RIA Novosti.

He noted that the economic essence of money does not change — “a new way of accounting with unique tokens that will allow them to be programmed.”

Gref also said that Sberbank supports the issuance of the central bank’s digital ruble, but believes the project needs to be complemented:

“It should also be possible to account for part of the funds on deposits in commercial banks with tokens.”

He believes this will allow clients to track their money.

“This will expand the scope of smart contracts: not only money in accounts at the Bank of Russia will gain innovative properties in the form of a digital ruble, but also the funds of clients of commercial banks,” he said.

Sberbank has joined the first pilot group for testing the digital ruble.

At the end of last year the company allowed an outflow of 2 to 4 trillion rubles, held in banks, after the Bank of Russia’s CBDC launch over a three-year period.

In early January 2021, Sberbank applied to the central bank for registration of a blockchain platform with the subsequent issuance of a stablecoin pegged to the ruble.

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