Central Bank: banking secrecy will be observed in relation to the digital ruble
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The Bank of Russia has debunked popular myths about the digital ruble. As Denis Polyakov, Deputy Director of the National Payment System Department of the Bank of Russia, explained at the Kommersant conference “Fintech in a new coordinate system. Vectors of development», banking secrecy will be observed in relation to the digital ruble. In addition, the digital currency cannot “burn out”, and is actually an analogue of cashless payments.
“There are a lot of myths. And I will immediately announce that a FAQ has appeared on the website of the Bank of Russia, where anyone can see the answers to questions of this nature. And about total control, and about combustion, and about everything else. In fact, if we talk about total control. First, no one has canceled banking secrecy. The digital ruble will obey the law in the same way,” said Mr. Polyakov.
Denis Polyakov noted that it is also possible to trace any transaction inside the bank. “Therefore, in this respect, both the digital ruble and non-cash funds are, in general, absolutely equivalent. Nothing will burn. The digital ruble is just another form of this currency. Exactly the same as cash, exactly the same as non-cash. Another form of our currency,” he stressed.
A digital ruble is a unique electronic code (token). Unlike cryptocurrency, it is issued exclusively by the Bank of Russia. It is also secured by gold and foreign exchange reserves and is pegged to the value of the national currency. Digital rubles will be stored in digital wallets on a platform developed by the regulator. Because of this, they will not be tied to a specific bank or electronic wallet.
On March 16, State Duma deputies approved the law on the digital ruble in the first reading. The document gives the Bank of Russia the authority to create and manage the infrastructure for the functioning of the currency. The digital ruble should enter consumer circulation by 2030. As of the end of March, 8 out of 15 banks participating in the pilot group have completed user testing of transfers between individuals. On April 13, the regulator announced the connection of 19 more banks to the experiment with the digital ruble.
More details – in the material “Kommersant” “The Central Bank will have a ruble more”.
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