The digital ruble carries risks for the Russian financial sector and the information security sector. This follows from conclusions State Duma Committee on the Financial Market.
The document is a response to the prepared by the Bank of Russia “Main directions of monetary policy” until 2024, covering, among other things, the prospects for the introduction of a national digital currency.
According to the Committee, the new form of money will increase competition in the banking sector, which may lead to a decrease in bank profits and an increase in the role of the state in the financial industry.
“In addition, the introduction of the digital ruble carries new risks, for example, in the field of information security,” the deputies stressed.
They recommended that the regulator analyze the threats to macroeconomic stability and the stability of the banking sector, as well as identify potential response measures if these risks materialize.
In general, the Committee concluded that the digital ruble model ensures fast, simple and secure payments and helps to reduce the cost of payment services.
“The Committee positively assesses the analysis of the introduction of digital currency and believes that it would also be interesting to analyze the impact of the spread of cryptocurrencies in global transactions,” the document says.
Earlier, the chairman of the Bank of Russia Elvira Nabiullina said that the domestic CBDC would become a full-fledged replacement for cryptocurrencies for Russians and listed the conditions for its implementation.
Recall that the Bank of Russia and the Ministry of Finance have confirmed plans to launch the digital ruble as a third form of money until 2030.
The new financial instrument will be tested at 12 banks in the first quarter of 2022.
At the same time, the State Duma will begin to develop amendments to the legislation necessary for the introduction of the digital ruble into the country’s economy.
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The digital ruble carries risks for the Russian financial sector and the information security sector. This follows from conclusions State Duma Committee on the Financial Market.
The document is a response to the prepared by the Bank of Russia “Main directions of monetary policy” until 2024, covering, among other things, the prospects for the introduction of a national digital currency.
According to the Committee, the new form of money will increase competition in the banking sector, which may lead to a decrease in bank profits and an increase in the role of the state in the financial industry.
“In addition, the introduction of the digital ruble carries new risks, for example, in the field of information security,” the deputies stressed.
They recommended that the regulator analyze the threats to macroeconomic stability and the stability of the banking sector, as well as identify potential response measures if these risks materialize.
In general, the Committee concluded that the digital ruble model ensures fast, simple and secure payments and helps to reduce the cost of payment services.
“The Committee positively assesses the analysis of the introduction of digital currency and believes that it would also be interesting to analyze the impact of the spread of cryptocurrencies in global transactions,” the document says.
Earlier, the chairman of the Bank of Russia Elvira Nabiullina said that the domestic CBDC would become a full-fledged replacement for cryptocurrencies for Russians and listed the conditions for its implementation.
Recall that the Bank of Russia and the Ministry of Finance have confirmed plans to launch the digital ruble as a third form of money until 2030.
The new financial instrument will be tested at 12 banks in the first quarter of 2022.
At the same time, the State Duma will begin to develop amendments to the legislation necessary for the introduction of the digital ruble into the country’s economy.
Subscribe to Cryplogger news on Telegram: Cryplogger Feed – the entire news feed, Cryplogger – the most important news, infographics and opinions.
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