Understanding the Digital Ruble: Exploring Its Impact on the Russian Banking Sector

2023-08-07 00:08:00

In Russia, representatives of the banking sector asked the Central Bank for clarification on what a digital ruble is and whether the regulator plans to compensate the costs of credit institutions to provide customers with access to the platform. The corresponding letter was sent by the Association of Banks of Russia to the Central Bank.

“Bankers turned to the Central Bank with a request to clarify what, in fact, is a digital ruble – a third form of money or non-cash currency. Will the operator of the digital ruble platform, which is the regulator, compensate credit institutions for the costs of providing customers with access to the platform?businessman“. Representatives of credit institutions note the caution on the part of consumers of financial services regarding the introduction of a new digital currency in the country.

Former Russian President Vladimir Putin signed a law on the introduction of the digital ruble. According to the decree, the ruble will have cash, non-cash and digital forms of payment. Later, the Bank of Russia approved and demonstrated digital ruble logo. It is an outlined ruble sign in coral-scarlet and white, and follows the shape of an ordinary coin.

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