The Russian Association of Crypto Industry and Blockchain (RACIB) fears that the introduction of the digital rublewill lead to the return of the Soviet financial system.
The organization sent a corresponding letter toThe Central Bank of the Russian Federation, reports the Kommersant newspaper. It says that the launch of the so-called crypto-ruble will lead to the disappearance of competition in the Russian market.
The Central Bank wants to become the only issuer and centerprocessing transactions with a token. Such a policy will lead to the return of the financial model that was in the USSR. At that time, the State Bank was the only player in the domestic market.
RACIB believes that the regulator will deal a crushing blow to private banks and payment systems, which will actually be barred from participating in crypto-ruble transactions.
According to the representative of RACIB Vladislav Martynov, commercial banks in the new system will only get the role of intermediaries. However, they may face the problem of a large-scale outflow of liquidity.
The Central Bank confirmed the receipt of a letter fromblockchain associations and noted that he really plans to strengthen his position in the market after the launch of the cryptocurrency. The Bank of Russia will act as the operator of the platform on which token holders will create crypto wallets.
However, no one will exclude private banks from the new system.They will be able to conduct accounts, conduct transactions on digital wallets and interact with customers as usual, the Central Bank explained.
Vladislav Martynov stressed that afterthe emergence of the digital ruble, companies will launch wallets on the Bank of Russia platform. It will be similar to the Soviet model, when enterprises had accounts with the State Bank.
Under today's system, it will actually turn out that commercial banks will compete with the Central Bank itself.As the crypto-ruble is introduced, the capital will be transferred from banks to the token.Credit organizations will be able to earn only on the collection of transaction fees.
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