"The platform is being actively developed": when can digital rubles be used in Russia?

One of the key projects in the field of digitalization in Russia in the next nine years will be the launch of the digital ruble.

We are talking about the creation of the third form of money issued by the Central Bank.

This is stated in the draft Strategy for the development of the country's financial market until 2030.

On Monday, September 13, the Ministry of Finance and the Central Bank submitted the document for public comment.

“The introduction of the digital ruble will contribute to the further development of the payment infrastructure, increased competition and the spread of new innovative financial instruments, as well as an increase in the availability and cost reduction of services for citizens and businesses,” the project says.

Recall that the Bank of Russia announced the development of an electronic national currency back in October 2020.

As planned by the regulator, the prototype of the digital ruble platform should appear by December 2021, and in the first quarter of 2022, the Central Bank plans to begin the first tests.

It is expected that in the future the new means of payment will circulate along with cash and non-cash rubles.

“Currently, the platform is being actively developed.

So far, we do not see any obstacles to the introduction of the digital ruble, "TASS quotes the words of the first deputy chairman of the Central Bank Olga Skorobogatova.

Note that the Central Bank issues cash in the form of banknotes, each of which has a unique number, and non-cash rubles are entries on accounts in commercial banks.

In turn, the regulator will assign the digital ruble the form of a unique code that will be stored in a special electronic wallet.

“For an ordinary consumer, payment in digital rubles will practically not differ from cashless payments.

At the stage of testing this technology, no major changes will occur in the lives of people and businesses.

However, later, as the popularity of this currency grows, many will be able to feel its benefits, "said Alexander Khvoinitsky, marketing director of the cryptocurrency p2p platform Chatex, in a conversation with RT.

Simplification of the settlement system when using the digital ruble will lead to a decrease in fees for payments and transfers.

This opinion is shared by the head of the laboratory for the analysis of institutions and financial markets at the Institute for Applied Economic Research, RANEPA, Alexander Abramov.

“Today the rate of interbank transfer from large credit institutions can reach up to 1.5% of the transaction amount, this is a colossal amount of money.

With a digital ruble, citizens will be able to have a wallet directly at the Central Bank.

This will make it possible to create a good digital platform with a facilitated way of payments between people.

Intermediaries will remain in one way or another, but their role will sharply decrease, "the economist explained in an interview with RT.

• © REUTERS / Maxim Shemetov

In addition to reducing the cost of transfers, the digital ruble will also significantly improve the security of monetary transactions.

Yuri Mazur, head of the data analysis department of CEX.IO Broker, spoke about this in an interview with RT.

“Another important difference between the digital ruble is that it is a kind of stitching of two payment methods.

Cash payment is possible offline, while card payments can be made only if there is a connection with the bank at the time the transaction is credited.

The digital ruble allows you to pay with or without the Internet, ”added Mazur.

According to him, at the moment the competition in the payment market has slowed down.

Thus, commissions and transfer speeds for all operators are approximately at the same level, and new services are practically not developed.

Against this background, the introduction of the digital ruble may become a challenge for the traditional financial sector, Mazur said.

“Banks and payment services will have to invest in infrastructure and develop transfer services for individuals and legal entities, and reduce prices.

Those companies that are unwilling or unable to effectively adapt to the new conditions will leave the financial market.

This is a global change that may affect the positions of not only regional payment services, but also such giants as Visa and Mastercard, ”the specialist believes.

Electronic consultant

It is curious that the Strategy for the Development of the Financial Market also provides for a wider use of artificial intelligence.

In particular, we are talking about the use of special robotic assistants that will help clients in making transactions, as well as the choice of various services.

"The use of robotic assistants in the financial market will help clients make the right financial decisions, which is especially important for citizens who may lack sufficient financial knowledge and sufficient financial discipline," the document says.

According to Alexander Khvoinitsky, the main areas of application of artificial intelligence in the financial industry are exchange trading, risk analysis and banking.

As the expert emphasized, the main advantage of AI is the ability to assess a large amount of data and make forecasts.

“At the household level, the use of these technologies means the optimization of all processes, reducing the participation of people in the daily work of a credit institution.

Already today, fewer managers are required, bots often handle work in online banks, ”the specialist noted.

As Alexander Abramov said, now robotic investment advisors are becoming more and more widespread.

According to the expert, although the service remains useful for the most part, some organizations abuse such services and often use them in order to sell a financial product that a client does not need.

Against this background, the plans of the Ministry of Finance and the Central Bank provide for the creation of requirements and conditions for the use of AI.

In addition, it is supposed to limit the use of high-risk financial instruments and cryptocurrencies.

“In the context of the launch of the digital ruble and the development of payment instruments, the government of the Russian Federation and the Bank of Russia will continue to oppose the use of monetary surrogates, given that it carries high risks for citizens, and may also hinder the effective implementation of macroeconomic policies aimed at creating favorable economic conditions”, - says the document.