YEREVAN, July 3. /ARKA/. The Bank of Russia plans to launch an experiment by 2029, under which credit organizations will be able to open accounts in digital rubles on their own balance sheets. This was announced to reporters by the Deputy Chairman of the Central Bank, Zulfiya Kahrumanova, during the Financial Congress.
Currently, accounts in digital rubles opened by banks are located on the balance sheet of the Bank of Russia. In this case, credit organizations earn money by conducting transfers and servicing smart contracts.
Market participants proposed a new model — to open accounts in digital rubles directly on the balance sheets of the banks themselves (not on the balance sheet of the Central Bank). “This will allow banks to open deposits and (issue — FM) loans, and the responsibility for this will lie directly with the banks,” Kahrumanova clarified.
The representative of the Bank of Russia added that the discussed model is experimental in nature, and the regulator wants to give banks the opportunity to prove the viability of such a structure.
“We will be able to launch the experiment closer to 2029 because we need the appropriate regulatory framework, we need to adjust the regulation, and make improvements both on our side (the Bank of Russia — FM) and on the side of the banks,” the Deputy Chairman concluded.
Two types of accounts will coexist for about two years, after which the Bank of Russia will decide which one to keep. At the same time, Kahrumanova's words suggest that it is possible that both will remain “alive.”
At the same time, there is currently no strong demand for the digital ruble from banking clients. At least this is true for the small and medium-sized business segment, according to Boris Vedernikov, head of internet banking development at Tochka Bank. Nevertheless, there is a segment of entrepreneurs interested in the digital ruble, and they are primarily concerned with “services that will help automate their business part.”
