Money transfers in Russia will become absolutely free when conducting transactions with digital rubles. In turn, citizens will be able to replenish their electronic wallet in the amount of up to 300 thousand rubles per month. This was announced on Thursday, April 20, by the Chairman of the Central Bank of the country Elvira Nabiullina.
"This entire amount, as well as other balances on the wallet - for example, if you received digital rubles from someone else - can be transferred to yourself, to another person without interest. That is, it is at least three times more than now in the system of fast payments," Nabiullina said during a speech in the State Duma.
According to her, the Bank of Russia wants to launch trial tests of the digital ruble as soon as possible and is waiting for the approval of the relevant bill by deputies. It is assumed that at first the new form of money will be tested on real transactions with small amounts and a limited number of customers. Then, after analyzing the test results, the Central Bank will be able to offer the electronic national currency to a wider range of applicants.
"We believe that the digital ruble as a voluntary use of a new form of payments and settlements will be useful for citizens and will provide a prospect for building more efficient international settlements. By the way, we are working on this topic with our partners from other countries," the head of the Central Bank added.
The Central Bank announced the development of an electronic national currency back in 2020. According to the idea of the Central Bank and the Ministry of Finance, the digital ruble should become the third form of money in Russia, and by 2030 it will begin to be actively used along with cash and non-cash money.
"The introduction of the digital ruble will contribute to the further development of the payment infrastructure, increase competition and the spread of new innovative financial instruments, as well as increase the availability and reduce the cost of services for citizens and businesses," the draft strategy for the development of the country's financial market until 2030 says.
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 in accounts in commercial banks. In turn, the digital ruble has the form of a unique code stored on a special electronic wallet.
At the same time, unlike cryptocurrencies, which are not backed by anything and do not have a single issuer, the digital ruble will become an official means of payment in Russia and will be issued on the platform of the Central Bank. People will be able to use such electronic money at their discretion and at will - along with cash and non-cash.
"Digital rubles, as well as currently paper and metal money, will be issued by the Bank of Russia ... Citizens, as now, will be able to independently choose which form of the ruble to use - cash, non-cash or digital. The choice is entirely up to the person," the Central Bank said.
In general, the digital ruble platform will have to seriously simplify the settlement procedure in the country and open up new opportunities for citizens, businesses and the state. This opinion was shared with RT by Andrey Rusetsky, Managing Director for Investments of the PSB Management Company.
"For the population, digital currency will be a convenient settlement mechanism with additional advantages: operations will become cheaper, safer and more efficient. The state will be able to distribute targeted payments more easily and efficiently. The new form of money will allow businesses and banks to achieve greater transparency regarding the movement of funds, optimize processes and reduce costs when conducting transactions, "Rusetsky said.
- © Konstantin Kokoshkin/Global Look Press
Moreover, the introduction of the digital ruble will enable the Central Bank and the government to better track data on the state of enterprises, industries and the economy as a whole, said Alexei Fedorov, an analyst at TeleTrade. Accordingly, according to the interlocutor of RT, the authorities, if necessary, will be able to not only provide financial support to business online, but also guarantee the targeted use of each ruble.
In addition, the system will guarantee a higher level of protection of operations, so the space for fraud with the digital ruble will be extremely limited, Fedorov is sure. At the same time, the launch of the new system will not lead to the beginning of "total surveillance" of Russians and their finances, the Central Bank assured.
"The amount of information about citizens in transactions with digital rubles will not exceed the amount of information that has already been established on transactions with non-cash rubles. Information on balances on digital wallets and information on digital rubles is protected by bank secrecy in the same way as information on bank accounts, "the Central Bank said in an explanation.
Maps to the side
After the launch of the digital ruble, every Russian will be able to get himself one electronic wallet. This can be done through the mobile application of any bank.
"To transfer digital rubles to someone ... (you will need to. - RT) log in to your digital wallet through the usual mobile application of your bank, select the transfer option of the desired person from the contact list or enter a mobile phone number, then enter the amount and confirm the transfer. The money will instantly be in the recipient's digital wallet," the Central Bank said.
To purchase goods or services using electronic currency, you will need to read the QR code through your mobile phone, select the digital ruble as a payment method in the application and confirm the payment. In the future, a new form of money can be used to pay using contactless NFC technology, the Central Bank is sure.
Note that when conducting transactions with electronic currency, users will not be able to receive cashback. In addition, interest will not be charged on digital rubles, and banks will be prohibited from issuing loans in them. At the same time, the new form of money will not have an expiration date and its own separate course.
Customers will be able to exchange digital rubles for paper rubles in two stages in a ratio of one to one. To do this, you first need to transfer electronic currency to a bank account or card, and then withdraw it in the usual way at an ATM or cash desk of a financial institution. In the same way, the reverse operation will occur.
- RIA Novosti
- © Maria Devakhina
"At one time, many doubted that card systems would become widespread in Russia, since cash payments worked so well. Nevertheless, today transactions with paper money are a rudiment of the old payment culture, and bank cards have become the main payment tool. I think it will take another seven to ten years, and the same thing will happen with digital rubles, because this is an even more efficient payment system than the card system, "suggested Alexei Fedorov.
Nevertheless, the Russian authorities in the future are not going to withdraw cash and non-cash money from circulation and force citizens to use only digital rubles, the Central Bank said. Moreover, it is also not planned to transfer all salaries of state employees and social payments to electronic currency.
Meanwhile, according to Alexei Fedorov, the use of digital currencies in foreign trade over time will allow Russia and many other countries to build an alternative dollar system of international settlements. As a result, financial transactions will become inaccessible to US sanctions or other unfriendly states, the expert is sure. A similar point of view in an interview with RT was expressed by the head of the State Duma Committee on the Financial Market, Anatoly Aksakov.
"We will negotiate with foreign colleagues. The Chinese, for example, already have an electronic yuan, and they are actively working with it. The digital ruble as a whole is more effective in circumventing sanctions, since transactions do not involve correspondent accounts and banking systems associated with the United States. That is, enemies will not see what transaction is being carried out, and, accordingly, will not be able to influence it, "Aksakov concluded.