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Peter Davis

An writer at FOMOdrive

  • Aug 08, 2023
  • 2 min read

Banks turned to the Central Bank with questions because of the digital ruble

Questions about the digital ruble were posed to the Central Bank by Russian banks.

The clarity of the status of the novel form of currency was uncertain to them.

The clarity of other matters, such as the reimbursement for expenses incurred in granting customers access to the platform, is also uncertain.

Many provisions concerning the operation of the digital ruble are noted by lawyers to be ambiguous.

On August 1, the Bank of Russia initiated a trial run of the digital ruble technology. This form of payment is expected to be distinct from the non-cash form. The Central Bank will issue it as a digital code and will also construct a platform for storing crypto-rubles.

Kommersant reported that the Association of Russian Banks (ARB) had sent a letter to the Central Bank requesting clarification on certain aspects of the digital ruble. Specifically, the banks wanted to know if the digital ruble was a third form of money or a non-cash currency.

Will the Central Bank compensate banks for the costs of providing customers with access to the digital ruble platform? Will banks be required to become members of the platform, and what changes to their infrastructure will be necessary in this case?

The letter states that citizens are very cautious about the implementation of the digital ruble in society.

A direct prohibition on compelling citizens to open digital accounts, a restriction on the rise of tariffs for digital ruble services for individuals, and a prohibition on the digital ruble platform operator making unilateral changes to the contract are all being proposed by bankers.

Despite the fact that the laws and regulations required for the launch of the digital ruble have been ready for a while, lawyers point out that they are "still unfinished and bring up many queries".

The Bank of Russia stated that they would examine the Association's appeal in accordance with the established procedures.

The Central Bank gave the green light to the logo of the digital ruble on August 3, as well as the tariffs for its use. Individuals will be able to make money transfers with digital rubles at no cost, while legal entities will have to pay commissions for payments and transfers starting from January 1, 2025.

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