Following the leading central banks in the world is studying the possibility of introducing a new form of national currency - the "digital ruble.
The regulator has issued a report on the feasibility of releasing it and intends to gather feedback on the issue by the end of the year.
The Bank of Russia will study the need to create a digital currency of the central bank (CBDC), which will become the third form of money in Russia along with paper and non-cash funds. The new ruble may be issued in the form of a digital code, writes RBC.
Digital currency will "have the form of a unique digital code" and be stored in a special electronic wallet. It is assumed that the digital ruble can be used offline - without access to mobile communications or the Internet.
The Central Bank noted that CBDC will be able to make payments "faster, easier and safer. Other advantages of the new asset include increased confidentiality.
The report emphasizes that the digital ruble is different from and stabelcoins. The latter are not money, as they "cannot fully perform all the functions of money.
The implementation of the initiative involves several stages, including public consultations, the development of the concept of the digital ruble and a special platform, and then testing on a limited number of users. Only after that the regulator will decide on the issue of CBDC.
Digital currencies open the way to "helicopter money," according to the bank ING: Central Bank will be able to directly "print" money for the population, bypassing the budget and the money and banking market.
On the other hand, in this design, banks are cut out of their traditional niche - payment service. And this creates risks not only for the business model of the banking system, but for the entire monetary policy, the transmission mechanism of which is based on the participation of credit institutions, ING warns.
Recall that other states are also exploring the possibility of launching CBDC - China is already testing the digital yuan, and the U.S. authorities are exploring the use of the digital dollar.