The digital ruble carries risks for the financial sector and security, warn Russian legislators - Finance
The digital ruble carries risks for the financial sector and security, warn Russian legislators - Finance
Russian parliamentarians warn of risks related to the introduction of a digital ruble. This includes the expected increasing competitive pressure on banks and new challenges that can arise in the field of information security.
Financial market committee sees threats in the digital ruble project
Russia's digital Fiat, which is currently under development, carries certain risks that the legislature wants to have carefully checked by the central bank. The introduction of the digital ruble could be a challenge for the country's financial sector, members of the important financial market committee of the State Duma, the Lower House of Parliament, stated after consultations about the project.
The conclusion comes to the "main directions of monetary policy by 2024" of the Russian central bank ( cbr>), reported the crypto news agency forlog this week. In addition to other aspects of the Moscow government's monetary policy, the document deals with the prospects for the introduction of a national digital currency.
The MPs fear that the new form of the Russian currency, the third incarnation of the ruble after cash and bank money, will strengthen the competition in the banking sector. This could affect the profits of financial institutions and significantly strengthen the role of the state in the industry.
In addition, the introduction of a digital, programmable Fiat fiants has new risks - for example in the field of information security. The authors of the report advised the Bank of Russia to analyze the threats to macroeconomic stability and the banking sector. You recommend that the supervisory authority will prepare reaction measures in advance if these risks occur.
At the same time, the Duma Committee expects the digital scratch to ensure quick, simple and secure payments and at the same time lowers the costs of payment services. It "evaluates the analysis of the introduction of the digital currency positively and also considers it interesting to analyze the effects of the spread of cryptocurrencies on global transactions," says the conclusion.
Since Russians are increasingly opting for cashless payment solutions - they have reached 75 % in the past seven years - and in view of the growing popularity of cryptocurrencies, CBR and other institutions have seriously set themselves the task of controlled by the government. to offer digital currency. Plan civil servants, 13 Russian laws and code for adaptation to the digital currency of the central bank.
In June, the Bank of Russia formed a pilot group for the digital ruble, in which more than a dozen banks and other interest groups took part. The authority plans to complete the prototype of the platform in December 2021 and start testing cbdc in January 2022. Boss of the bank, Elvira Nabiullina, recently specified Target = "_ blank" href = "https://news.bitcoin.com/digital-ruble-should-not-boost-bank-bank-of-russia-says/" Rel = "noopener"> Digital Rubel will give the Russians what they need as a state-spoken alternative to other forms of electronic money, including decentralized Cryptocurrencies and stable coins covered by foreign Fiat.
Do you think that CBDCs like the digital ruble pose serious risks to the traditional financial sector? Share your thoughts on this topic in the comments below.
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