Lecture21 (Data2Decision) Leverage in Regression
- Everyone’s at risk!
- Fewer intermediaries, higher availability
- Faster, better, more reliable
The digital ruble will make settlements safer and faster – Elvira Nabiullina
The Central Bank sees the benefits of the digital ruble for small and medium-sized businesses
Nabiullina called the global digitalization of central banks a “technological revolution”
Reducing the influence of the intermediary role of banks is a natural process, the head of the Central Bank notes.
Elvira Nabiullina, Chairman of the Central Bank of Russia, admitted that the digital ruble will deprive banks of some of their profits, but at the same time will benefit consumers and businesses
Speaking at the congress of OPORA RUSSIA leaders, the head of the Bank of Russia Elvira Nabiullina compared the creation of digital currency with the technological revolution of central banks and told who will win and who will lose from the emergence of a new form of money.
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The head of the Central Bank of the Russian Federation once again stressed that the digital ruble is an obligation of the regulator, and not of individual commercial banks. At the same time, she confirmed that it is commercial financial organizations that are most afraid of the introduction of the Central Bank’s digital currency into circulation, which could deprive them of a significant part of their profits..
“So far we see that the main fears of the digital ruble are caused by banks, which perceive it as a factor in reducing their own profits,” Nabiullina said..
Recall that at the end of October, VTB CEO Andrey Kostin said that the Central Bank should not take away the business of commercial banks using the digital ruble. Also, the head of VTB believes that the issue of launching a national digital currency requires elaboration, since due to the digital ruble, “part of the business can move from banks to the Central Bank.”.
Everyone’s at risk!
The storage and issue of the digital ruble exclusively through the Central Bank guarantees that the digital currency will remain safe regardless of what happens to the bank, Nabiullina notes. However, the head of the Central Bank admits that the emergence of a third form of money will create other risks for the financial sector..
“There are cyber risks here, and the impact of the new form of money on the financial sector, primarily on banks, and on monetary policy,” she said..
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Fewer intermediaries, higher availability
However, according to the head of the Central Bank of the Russian Federation, reducing the influence of banks on the intermediary component is a natural process of development of the financial system..
“We consider this a natural direction of development of the financial system: financial intermediaries should become less and less burdensome for the economy and should earn money through new products, services that are convenient and in demand by customers, and not on no alternative – as was the case with the same acquiring”, – said Nabiullina.
At the same time, the head of the regulator emphasizes that both small and medium-sized businesses should definitely benefit from reducing the role of banks in the financial ecosystem..
Read about what experts think about the launch of the digital ruble in our exclusive material.
Faster, better, more reliable
In addition, Nabiullina is confident that the digital ruble will make settlements and payments more reliable and faster. The regulator is considering the possibility of launching special wallets for payments in digital rubles offline. Thus, companies and people working in remote places without access to the Internet and without the ability to withdraw cash will be able to use the new form of money..
However, in addition to banks, skepticism about the monopoly of the Central Bank over the digital ruble was also expressed in the Russian Association of Cryptocurrencies and Blockchain (RAKIB). So, according to Vladislav Martynov, member of the supervisory board of RACIB, the digital currency models considered by the Central Bank “put an end to maintaining a competitive environment.”.
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