The digital ruble will entail significant changes for the banking sector, said Ivan Chebeskov, head of the Financial Policy Department at the Russian Ministry of Finance. The news is reported by ТАСС.
In his view, the introduction of the central bank’s digital currency could open new opportunities for banks.
“To some extent, this will replace the current cash. And, of course, for the banking sector this will be both a challenge and an opportunity,” Chebeskov said.
According to the Finance Ministry and the Central Bank of Russia’s Strategy for the Development of the Financial Market, the digital ruble as the third form of money will be launched by 2030.
Testing of the asset will take place based on 12 banks in the first quarter of 2022.
Analysts at the Center for Macroeconomic Analysis and Short-Term Forecasting said that the introduction of the digital ruble could lead to a liquidity outflow from Russian banks.
The State Duma Committee on the Financial Market believes that the CBDC will boost competition in the banking sector. This could lead to a decline in profits of financial institutions and a strengthened role for the state in the financial industry.
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