The issuance of the digital ruble will not affect lending rates, said the head of the Bank of Russia, Elvira Nabiullina.
“Credit and deposit rates will be the same with the digital ruble and without the digital ruble,” she said.
The head of the Central Bank also commented on Sberbank’s assumption about a possible transfer of 2 to 4 trillion rubles from banks:
“I don’t know where these figures that are being cited came from. In our view, these estimates are baseless. We do not see that this would lead to any serious transfers or changes.”
She noted that if a decision to issue the digital ruble is made, it will be a very gradual process.
Earlier, the Central Bank began discussions of the possible launch of its own digital currency (CBDC) in October.
Elvira Nabiullina said that the digital ruble may affect banks’ business models.
The central bank has repeatedly stressed that the new asset would be the third form of money in the event of its issuance. However, a final decision on the necessity of launching CBDC has not yet been made.
A detailed analysis of the central bank’s report on the digital ruble can be read in ForkLog’s exclusive.
Accessibility and traceability: how the Bank of Russia sees the digital ruble
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