The ruble is digitized in the reporting – Newspaper Kommersant No. 178 (7379) dated 09/27/2022
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The Bank of Russia introduces the concept of a digital ruble into the chart of accounts of banks. At the first stage banks will reflect them only as assets. At the same time, digital financial assets (DFA) will be used in both the active and passive parts of the balance sheet. In the future, it is advisable to carry out passive operations with the digital ruble, when banks will act as debtors for these requirements, experts say.
On September 26, the Bank of Russia published a draft of a new chart of accounts for credit institutions. According to the document, from 2023, banks will begin to reflect a number of new positions, in particular, accounts for accounting and movement of the digital ruble on the digital wallet of a credit institution. The topic of the digital ruble has been actively promoted by the Central Bank since October 2020. Currently, the third form of the ruble (in addition to cash and non-cash) is being tested on the Central Bank platform with the participation of 15 banks.
It is assumed that the digital ruble will be launched in 2023, Anatoly Aksakov, head of the Duma Committee on Financial Markets, explained. In addition, the Bank of Russia introduces a separate account for accounting for digital financial assets (DFA) and accounts for accounting for funds held on special customer accounts (type “C”, “K”, “I”, “O”, “D”) opened in accordance with the decrees of the President of Russia.
At the same time, unlike the CFA, where accounts are entered on the active and on the passive part of the balance sheet, for the digital ruble only an active account is entered to account for digital rubles by a credit institution participating in the platform. According to a Kommersant source in the banking market, a scenario is now being considered when a client converts his cash or non-cash funds into digital rubles on a digital wallet. Then he can transfer these funds to the wallet of another individual, pay them or convert them back. In this design, a passive account in digital rubles is not needed. Previously, the Bank of Russia indicated that credit institutions would only be operators for the transfer of funds in the digital form of the national currency, i.e. they would not be able to form liabilities on their basis.
At the same time, according to independent expert Olga Ulyanova, it would be logical if passive accounts appeared in the future to reflect the digital ruble. This is relevant for accounting for transactions in which digital rubles will be owned by clients, and banks would act as debtors for these requirements, since the basic concept of the Central Bank assumes a two-level system in which banks act as a digital currency exchange channel between the client and the regulator.
At the same time, if in the case of the digital ruble, for which a new account is being introduced, there is only a pilot project, then transactions with the CFA have already been implemented. They could be reflected in off-balance accounts, Ms. Ulyanova admits, or on the balance sheet, but with the allocation of such transactions only in internal documents. It is assumed that the digital ruble will be used as a means of payment in the future, in contrast to the CFA, for which separate accounts are also introduced, adds Anna Timershina, FBK senior expert. However, according to Maxim Postovalov, Deputy Chief Accountant of Rosbank, “it is difficult to use the accounts already in the plan in full when working with the CFA.” According to the new regulation of the Central Central Bank, “acquired CFAs will be reflected in active accounts, issued – in passive ones,” Ms. Timershyna explains. In addition, according to the draft, the CFA will be subject to revaluation.
The introduction of additional CFA and digital ruble accounts should not lead to an excessive increase in the burden on banks. “Changes are often made to the accounting plan – banks are ready for this and, as a rule, work out such moments (including accounting policies) at the stage of draft regulations,” notes Ms. Timershyna. According to Mikhail Ratinsky, Chief Accountant of Sberbank, “the introduction of separate number groups for special accounts, as well as for digital financial assets, seems logical and justified, however, given the scale of the changes being made, the estimated timeframe for introducing these changes looks rather short.”
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