Experts say that banks in Russia lose $ 700 million a year due to the digital ruble - finance
Experts say that banks in Russia lose $ 700 million a year due to the digital ruble - finance
Russian banks could be the main losers of the introduction of a digital ruble, while retailers will save on employment fees, have predicted analysts. The advantages for consumers who use the new digital currency are not so obvious, since they may not be paid interest or cashback.
Introduction of Russia's digital ruble should lead to losses for banking institutions
According to a forecast of financial experts from Yakov and Partners, the former Russian department of the management consultancy McKinsey, commercial banks could lose up to 50 billion rubles (almost $ 715 million) annually if a digital version of the ruble is introduced.
In the meantime, retail chains could potentially increase their income by up to 80 billion rubles per year, believe the authors of the study, which are cited by the Russian edition of Forbes. At the same time, consumers may not receive interest on their credit or cashback for their transactions.The specialists see a niche in the digital ruble in the local mass payment market and take over part of the proportion of card payments. The losses of the banks will mainly be due to shrinking income from the commission, which they receive for the processing of such payments. Retailers benefit from savings on acquiring fees and instant payings that are faster than map transfers.
The advantages for consumers are not guaranteed, since the concept of the digital currency of the Russian Central Bank ( cbdc ), an electronic) In contrast to bank deposits, cash does not provide for interest on the stocks. You will probably also lose the cashback that the banks are currently paying for operations with their cards, the report states and explains:
The digital ruble has no obvious advantages in terms of convenience in everyday use, and international experiences show that the reduction in the acquisition costs does not lead to price reductions or a slowdown of price growth, but only to increase the profits of retailers.
The digital ruble , edited by the bank of Russia and electronic money become Russian national Fiat. It should serve as a means of payment and value preservatives, but should not replace any deposits or bank payments.
The project was first announced in October 2020 and a prototype was completed in December of the following year. The pilot phase began in January 2022, whereby the monetary authority is planning to start and strive with real transactions and users in April 2023. Rel = "noopener"> Complete start in 2024. An invoice for the digital ruble was submitted January.
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