Moodys predicted an outflow of funds from bank accounts due to the digital ruble
Moody’s predicts capital outflow from banks due to the digital ruble
The digital ruble will increase not only bank deposits, but also commission costs
The indirect model of the digital ruble will preserve the intermediary role of banks
The digital ruble could hit the creditworthiness of financial institutions
The international rating agency believes that the launch of the digital version of the ruble may provoke an outflow of funds from the Russian banking sector
Emergence digital ruble can hit hard the bank accounts of retail financial institutions in Russia. This was reported by TASS with reference to the international rating agency Moody’s. According to analysts’ calculations, if the digital ruble is launched, banks can raise interest rates on deposits in order to retain customers:
“The redistribution of funds between bank deposits and digital rubles will cause a partial outflow of customer funds from the accounts of commercial banks”.
Ultimately, the digital version of the ruble will lead to an increase in the cost of funding, which will hit the creditworthiness of financial institutions, according to Moody’s. Analysts also predict an increase in commission costs due to transactions through accounts with the Central Bank of the Russian Federation, and not commercial banks. How the system of fast payments will function in this case is still unknown..
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The experts of the rating agency believe that the indirect model of the digital ruble, within which the Central Bank will give banks the role of intermediaries, will be the most optimal in Russian realities. In this case, the owner of the digital ruble will be able to interact with a commercial bank, and not directly with the regulator. With the indirect model, retail users of digital currency will find it easier to switch to a new type of money, Moody’s analysts say.
Recall that in mid-October, the Central Bank of the Russian Federation announced the beginning of public consultations on the issue of the digital ruble. The new coin will be credited to the electronic wallets of citizens, and it will be possible to use it using mobile devices and other media, both online and in the absence of access to the Internet..
So far, there is no consensus in the domestic market regarding the idea of the Central Bank of the Russian Federation for the digitalization of the economy. So, for example, according to Evgeny Marishin, the trustee of IFC Solid, the digital ruble will not be able to solve the problem of poverty in Russia, despite beliefs to the contrary on the part of supporters of the innovation.
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Yuri Pripachkin, President of the Russian Association of Cryptocurrencies and Blockchain (RACIB), believes that launching the digital ruble without introducing the entire ecosystem of digital assets is a “meaningless action.” At the same time, Maria Shevchenko, deputy general director of the Qiwi group, believes that digital currency can become “a significant element of the program to increase the availability of financial services” supported by the Central Bank of the Russian Federation. However, the expert also noted that the very appearance of the digital ruble does not mean an increase in financial availability..
How the digital ruble can affect the Russian economy – read in a special material from BeInCrypto.
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