March 28, 2024

Central Bank: digital ruble will allow the use of smart contracts for state payments

The new currency was conceived, among other things, in order to implement “smart contracts,” said the firstDeputy Chairman of the Bank of Russia Olga Skorobogatova.

The digital ruble "absolutely exactly" allowsuse different smart contracts, said Olga Skorobogatova, First Deputy Chairman of the Central Bank. At an online presentation by representatives of the Bank of Russia, she stressed that after the release of a new currency, smart contracts can be used in state payments, government and financial services.

“The digital ruble, among other things, was conceived forso that smart contracts can be implemented. The digital ruble is not equal to smart contracts, but the digital ruble definitely provides the ability to use different smart contracts. For state payments, for government services and for financial services, ”Skorobogatova noted.

She added that some smart contracts will beclearly spelled out at the level of government programs or social benefits. But commercial players themselves will be able to use smart contracts with the digital ruble within the framework of their relationships, explained the first deputy chairman of the Central Bank.

Also during Skorobogatov's online speechstated that digital currencies could compete with the SWIFT payment system. According to the representative of the financial regulator, now more than 30 countries are working on the release of national digital currencies, and on the horizon of 5-7 years, just a few of them will present a finished product. As a result, SWIFT “may not be needed, because these are already other technological interactions,” said the first deputy chairman of the Central Bank.

In mid-October, the Bank of Russia presented a reportfor public discussions, in which he announced that he would study the feasibility of issuing a digital ruble. It should become the third form of money and will deal with cash and non-cash rubles. The decision to issue the asset has not yet been made.

</p></p>