Central Bank of the Russian Federation: banks will get a positive effect from the launch of the crypto-ruble

The digital ruble will have a strong impact on the work of the Russian banking sector. The chapter started talking about thisElvira Nabiullina, Central Bank of the Russian Federation, speaks at the “Russia Calling!” forum, organized by the investment company VTB Capital.

She stressed that after the release of the innovativethe instrument will change the liquidity management mechanism. However, banks have nothing to fear, as the regulator will try to introduce digital currency as painlessly as possible.

At the same time, banks will quickly feelpositive effect of the launch of the cryptocurrency. According to Nabiullina, operating costs will be reduced. In parallel, the number of processed transactions will grow, which will positively affect the overall performance of the financial system.

The business models of banks will change after the launch of the crypto-ruble, but in general, no significant problems are expected that could lead to technical failures, the head of the Central Bank emphasized.

Testing of the digital ruble may begin as early asnext year. This was previously stated by the head of the State Duma Finance Committee, Anatoly Aksakov. According to him, the Central Bank has already done a lot of work in this direction, so the basic conditions for launching the crypto-ruble have actually been created.

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