Banks have estimated the introduction of the digital ruble at tens of billions of rubles
Russian banks supported the creation of a digital ruble
Russian bankers have recognized the need for a digital ruble
Authorities Going to Pay Pensions and Benefits to CBDC
Risks of the digital ruble are still high
The Association of Russian Banks has sent its comments, additions and proposals regarding the creation of the digital ruble to the Central Bank. Bankers are confident in the feasibility of launching CBDC.
The digital ruble is not a whim, but a necessity
The Association of Banks of Russia conducted a survey among its participants and found out the position of bankers on the digital ruble. According to the results obtained, 80% of those surveyed confirmed that the digital ruble (CBDCBills and coins may be a thing of the past due to a new financial instrument – the digital currency of central banks (CBDC). As … More) is necessary. Another 40% of respondents sent their proposals and clarifications on the technical and economic characteristics of the digital ruble.
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Among the main aspects of creating a digital ruble, Russian banks named:
- convenience and speed of settlements, including adjusting the client’s wallet in real time when making settlements, access to control of the balance in 24/7 mode, the ability to make C2C, C2B, B2B settlements online and offline, regardless of the length of the Bank of Russia business day and intermediary bank;
- security and safety of funds guaranteed by the Bank of Russia.
Bankers do not exclude that the digital ruble will also be used to pay social benefits, such as pensions and other official payments to citizens. As well as the digital ruble and the blockchain technology, which will underlie the CBDC, will make the public procurement procedure more transparent and controlled..
“The digital ruble can completely solve the problem of transparency of financing within the framework of estimates, including construction (avoiding the so-called “boiler” financing), state orders and state defense orders, as well as in the field of PPP, ”the document explains.
Also, 50% of bankers are confident that the digital ruble will not have special advantages over the existing payment system for retail users. But it will become widespread in the business environment and public administration for the implementation of transfer payments, cross-subsidization of economic entities, tariff and tax payments.
Meanwhile, representatives of the financial market are skeptical about the digital currency of the Central Bank. The BeInCrypto editorial staff previously reported that domestic financial institutions criticized the Central Bank’s initiative in the form in which it is presented now.
The risks are still high
In addition, Russian banks have described the possible risks associated with the introduction of the digital ruble..
The main threats to the digital ruble include:
- the threat of a weak link (Fintech companies, which, as a rule, have an imperfect cybersecurity system, low qualifications of information security personnel, do not follow the principles of secure development),
- any incident with a centralized system usually has more serious consequences than an incident in a decentralized system,
- theft of a user profile of a digital ruble through hacking a personal account or identification errors,
- fraudulent transactions in offline payments (reuse of the same currency).
Digital currency fraud remains a key risk. In the last year alone, there have been dozens of major digital currency scams around the world. Phishing sites and resources remain the most common scheme for stealing funds..
So, in 2020, a resident of Moscow lost 11.2 million rubles in cryptocurrencies due to a fake site of a well-known crypto wallet. The victim lost more than six bitcoins and 70 ETH tokens due to a phishing clone of the blockchain.com cryptocurrency storage site.
The scammers also created an exact copy of Privnote.com, which provides free encryption services for messages that were automatically destroyed after being read. By changing the name of the site by just one letter, the creators of Privnotes.com robbed unsuspecting users.
Earlier, the BeInCrypto portal reported that hackers created several free QR code generators at once, which stole $ 45,000 worth of cryptocurrency. To crank the scheme, scammers created 9 phishing sites at once.
Other methods of stealing cryptocurrency are discussed here.
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