Russia Crypto Community Fears Digital Ruble Plan Means Back to USSR

December 4, 2020

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RAKIB sent a letter to the Bank of Russia Chairwoman Elvira Nabiullina saying that the expected plan for computerized ruble that the controller appears to support, will restore the Russian economy to the Soviet model, when all the monetary exercises were overseen in a unified manner, the Russian paper Kommersant composed on Friday.


RAKIB said that even the China’s DCEP model, where the banks are responsible for individual advanced yuan accounts, is more market-accommodating and invigorates the opposition between banks. The Bank of Russia, despite what might be expected, appears to lean toward the model in which it will be an extraordinary guarantor of the computerized rubles, with all the records in a unified framework, on which banks will offer items.


In such case, the retail banks won’t have the option to add the advanced ruble records of their customers to the current asset reports, and quite possibly retail clients will escape from banks for an incorporated computerized ruble stage, RAKIB’s warning board part Vladislav Martynov told Kommersant.


As per the Bank of Russia’s idea, the computerized ruble won’t be a substitution to ledgers or actual money however a third type of cash in Russia, which will exist in corresponding with the other two.


The letter by RAKIB repeated the assessment communicated before by a portion of Russia’s banks and monetary market players worried that if the Bank of Russia picks the unified model that will put retail banks at inconvenience. They should contend with the controller for customers’ stores while likewise spending their own assets on the computerized ruble reconciliation into the economy, specialists said.

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