The Central Bank of Russia did not appreciate the idea of ​​Sberbank to launch a digital ruble

CONTENT

  • Sberbank will launch its own platform for the purchase of digital financial assets

  • Initially, it will be possible to buy “green instruments” on the site

  • Earlier, the Prime Minister of the Russian Federation called for the creation of a digital platform from the state

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The first deputy chairman of the Central Bank of the Russian Federation suggested that the regulator and Sberbank most likely perceive the concept of digital currency differently.

Sberbank offered to convert all non-cash rubles into digital, thus the Central Bank will get more opportunities for control over operations. However, the regulator called Sberbank’s proposal “futurological”, writes RBC. In fact, Sberbank offers to bind a unique identification number to each ruble and then monitor its movement.

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It is also proposed to assign this money “attributes”, which will indicate the category of spending. The largest bank in the country proposes to control the digital ruble itself through smart contracts. According to Anatoly Popov, deputy chairman of the board of Sberbank, the turnover of the digital ruble using smart contracts will help solve the problem of inappropriate spending of funds.

However, the First Deputy Governor of the Bank of Russia Olga Skorobogatova said that the regulator and Sberbank understand the concept of digital currency differently. According to the Central Bank, the digital ruble should be classified as a third form of cash based on a distributed ledger.

The Bank of Russia may launch a digital ruble by the end of 2021

“Your proposal [implies that] this should not be done: banks already have their own solutions, their platforms, they need to issue digital rubles, effectively replacing non-cash,” she said..

Skorobogatova stressed that the idea of ​​Sberbank essentially copies the existing financial system with the integration of innovations. However, even despite the innovations, the idea does not solve the issues of additional opportunities for citizens, business and non-financial infrastructure in general, added the first deputy chairman of the Central Bank of the Russian Federation..

No analogs

At the same time, the Central Bank is categorically against the issue of stablecoins based on the Russian ruble. This was reported by the PRIME agency, referring to the first deputy chairman of the Central Bank Sergei Shvetsov. In particular, Shvetsov believes that Russia will follow the path of China, where any stablecoins based on the yuan are prohibited..

“I think we are not far from that. At least, everything that will be used as a means of payment will be suppressed by us. We proceed from the assumption that the ruble is the means of payment of the Russian Federation, “Shvetsov said.

According to Shvetsov, if cryptocurrency is needed for domestic smart contracts, then it will be a digital ruble.

Offensive on all fronts

However, in addition to the idea of ​​issuing a digital ruble, Sberbank also intends to release its own blockchain platform for buying digital financial assets. This is reported by “Interfax”, citing the statement of German Gref, chairman of the board of Sberbank.

In particular, Gref said that the bank is already working on a distributed ledger platform where users will be able to purchase digital assets..

The Central Bank of Russia did not appreciate the idea of ​​Sberbank to launch a digital ruble

“We want to bring to the market our new blockchain platform, which will provide services for the purchase of digital financial assets, and there we are going to realize the possibility of purchasing“ green instruments ”from the very beginning,” said German Gref at the speech of the Investor Day..

Sberbank Urges Central Bank to Reconsider Digital Ruble Issuance Plans

Gref also said that the bank is working on its own digital currency called “savings”.

“We have, let’s say, all the studies on this topic, and it is quite possible that we will start experimenting next year with the production of our own currency, the so-called savings, but, of course, we are very closely watching what the Central Bank is doing. , we are in the negotiation process with the regulator, and all this should, of course, be very tied to the context that will be chosen as a strategy for the development of the digital ruble, “said the head of Sberbank.

It remains unknown when exactly Sberbank will launch its service.

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The head of Sberbank noted that the launch of such a platform became possible due to the entry into force of the Law “On Digital Financial Assets” (DFA) on January 1, 2021. In early August, Sergei Popov, director of the Sberbank’s Transactional Business Division, said that thanks to the CFA law, a certain stablecoin could appear in Russia. With … More, which will be tied to the ruble exchange rate and will correspond to the national currency of Russia in a 1: 1 ratio.

The Central Bank of Russia has released a report on the digital ruble

Recall that at the end of October, Russian Prime Minister Mikhail Mishustin called for the creation of a digital platform from the state “in the good sense of the word.” At the same time, the Prime Minister of the Russian Federation noted that the growing popularity of cryptocurrencies pose a threat to both central reserve systems, central banks, and financial institutions..

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The Central Bank of Russia did not appreciate the idea of ​​Sberbank to launch a digital ruble
The Central Bank of Russia did not appreciate the idea of ​​Sberbank to launch a digital ruble
The Central Bank of Russia did not appreciate the idea of ​​Sberbank to launch a digital ruble

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