MOSCOW, March 25, Natalya Dembinskaya. From April 1, the government starts testing the third form of the national currency — the digital ruble. All Russian banks will be connected to it, operations will go through the Central Bank. We figured out how the new means of payment will work and how it will help the economy.
Third form
The prototype of the digital ruble platform was ready in December 2021. Testing on real clients is a key stage of the program.
We are talking about a unique electronic code (token). In the pilot project, they will be paid off with large banking organizations and companies. And, for example, VTB will try operations among its employees.
In the future, all banks will join. Anyone will be able to get (upon request) an electronic wallet for virtual money.
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This is not a cryptocurrency that obeys no one. The digital ruble is issued exclusively by the Central Bank. In addition, it is backed by gold and foreign exchange reserves. In general, this is still the same ruble, albeit in a new shell, explains financial analyst, trader Artem Zvezdin.
Why do you need
Digitalization continues in the economy. In addition, in the face of sanctions and constant pressure from the West, the Central Bank is forced to adapt the banking system by developing domestic payment products.
As the project scales up, the possibility of cross-border settlements with friendly countries will open up.
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"This will make mutual trade easier. There will be no problems, as, for example, with India, whose legislation prohibits the export of rupees from the country. Digital currencies will help Russia and other developing countries to abandon the dollar,” says Natalia Milchakova, a leading analyst at Freedom Finance Global.
In August, the BRICS summit will discuss the issue of a common currency of the organization. «The Central Bank will also be useful in this. Most likely, they will create a bank where you can exchange it for the currency of the BRICS or another country included in the structure,» suggests Vladislav Antonov, a financial analyst at BitRiver.
Experts emphasize that this will not affect the ruble exchange rate in any way. However, it will potentially support demand and generally popularize the Russian currency, as it will serve as a new entry point into investment instruments.
Under the control of the Central Bank
Because the digital ruble is equated to non-cash and cash, payments in it are no different from others — by card or online.
But the Internet is not required, and the high security of transactions comes to the fore: unlike traditional cashless transactions, the CR is not stored in the bank, but in the Central Bank itself.
Milchakova.
Another plus is that if a credit institution goes bankrupt or the license is revoked, nothing will happen to the money. The digital wallet opens the Central Bank, which fulfills all obligations to customers, adds Antonov.
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Security is a key benefit. Such a ruble cannot be lost: everything is restored using a unique token. Moreover, the digital wallet takes into account not just the history of transactions, but actions with each ruble.
In the future, this will spread to smart contacts — in business, in the real estate market and in any other areas where large payments are made.
«Smart contact, in fact, is an order to send currency from wallet to wallet under certain conditions. For example, only after registration with Rosreestr. This will increase the security of transactions, and their quality will reach a completely different level,» Zvezdin emphasizes.
We pay as we paid
In general, the digital ruble is another convenient payment tool.
«The Central Bank will reduce cash, control over the spending of budget funds will be strengthened. No special rates will have to be set. The purchasing power is the same as that of ordinary money,» explains Antonov.
pay for all goods and services. Including in offline stores — for this you just need to download some amount from your wallet-token to your smartphone.
«For business, this is convenient for the same reasons — security, protection from losses. No connection to the Internet means that online cash desks and the cost of their maintenance are not needed,» Milchakova adds.
Retail chains will also save on acquiring. According to BitRiver analysts, even at the first stage of the program, this will give tens of billions.
Pavel Sigal, First Vice President of Opora Rossii, clarifies that it is more convenient to pay utility bills, taxes, online orders, and make transfers with digital currency.
Of course, the implementation will not be quick — it will take more than one year. It will take time to develop the legal framework. In addition, it is necessary to study the issues of hacking and fraud. However, experts assure that the digital ruble is ready for this: a unique token cannot be faked.