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- Payment scheme: the State Duma Committee approved a draft on the phased introduction of the digital ruble
Payment scheme: the State Duma Committee approved a draft on the phased introduction of the digital ruble
The State Duma Committee on the Financial Market has approved a bill on the phased introduction of the digital ruble into wide circulation and the introduction of a universal QR code into the payment system for paying for goods and services. The lower House will consider the bill at a meeting on May 20. Izvestia investigated how banks are ready to implement the digital ruble and how the changes will affect the financial market.
Preparing for the appearance
The digital ruble is the official electronic form of the Russian currency issued by the Central Bank, which does not exist in the form of cash or bank account entries, but as a unique digital code in a special wallet stored on the Bank of Russia platform.
The third form of the national currency is needed to simplify and reduce the cost of financial transactions, eliminate intermediaries in transfers, increase transparency of transactions, strengthen control over targeted expenses and create a reliable payment infrastructure independent of foreign systems, especially in the face of sanctions pressure.
Technologically, both the regulator and the banks participating in the pilot are ready for wider use of the digital ruble from the middle of this year, the Central Bank's press service told Izvestia. At the same time, it is necessary to additionally discuss smart contracts with market participants, which banks, businesses and the government are now showing great interest in.
"The mass introduction of the digital ruble will occur after all the details in the pilot have been worked out and consultations have been held with banks on the economic model that is most attractive to their customers — citizens and businesses," the regulator said.
At the same time, the pilot continues and will expand both in terms of the number of participants and the set of operations.
The digital ruble is a large—scale project, and, of course, it requires a period of testing, working out technological solutions, and providing banks with the necessary infrastructure, Albert Koroev, head of the stock market Experts department at BCS World Investments, reminded Izvestia. 15 banks, including the largest ones, are already participating in the pilot project.
— Obviously, there will be readiness. This was confirmed in her statements by the head of the Central Bank of the Russian Federation, Elvira Nabiullina," the expert noted. — It should be emphasized that the digital ruble is not a means of investment, it is a digital form of the national currency. It is being introduced as a means for payments and transfers. Accordingly, we do not expect any special impact from its implementation on the financial market.
It cannot be said that the banking sector is fully ready for the introduction of the digital ruble, because this process involves the creation of a secure infrastructure and an increase in transaction loads on banks, so its premature launch may be associated with information security risks, Vladimir Eremkin, senior researcher at the IPEI RANEPA Structural Research Laboratory, told Izvestia. Banks are hardly optimistic about the need for additional investments in infrastructure, which will not bring them significant economic benefits.
"The digital ruble will still bring a number of clear advantages to the financial market," he said. — The population will be able to make free transfers, and business transaction costs will decrease. The average payment rate will increase significantly, and the transparency of payments will increase. In addition, there is reason to believe that an increase in the share of the digital ruble in the economy can increase the efficiency of the Central Bank's PREP.
Market impact
Large credit organizations have already carried out technical integration, but so far they do not see mass demand from the population and business in the new form of money, Alexey Lossan, an expert at the Compare company, told Izvestia. In addition, there is no clear model of monetization of this technology for the banks themselves.
The impact on the financial market, according to him, will depend on the scale of implementation. In the short term, it is limited, but in the future, the digital ruble may change the structure of payment turnover and strengthen the role of the Central Bank as a settlement center.
The digital ruble is a logical continuation of the development of the national payment system, says Valery Tumin, a member of the expert council on the development of the digital economy under the State Duma Committee on Economic Policy. However, the effect of these changes will vary significantly for different market participants. The financial sector remains one of the most technologically advanced in Russia. Banks have the necessary resources, teams, and systems to adapt quickly.
— According to experts, the creation of infrastructure will cost each credit institution an average of 200 million rubles. Despite the significant costs, we are talking about a completely feasible task within the stated time frame — within the next two years. At the same time, most large banks have already conducted test integrations and will be able to proceed to the next stage with minimal delays," said Valery Tumin.
The key difficulties, in his opinion, are expected not on the side of banks, but with the spread of the digital ruble in the real sector.
— This format will make sense for the consumer only if it is accepted everywhere — from large retail chains to small shops and regional enterprises. And if federal retailers have enough resources and IT support to implement new cash scenarios, then the transition may be relatively burdensome for small businesses," says Valery Tumin.
The introduction of the digital ruble can have a significant impact on the financial market, as it can change the basic rules of the game between its participants, says Valery Piven, head of the ACRA Financial Institution Ratings Group. In fact, we may be talking about a large-scale change in the channels of financial transactions, pricing of financial products, etc. With this in mind, it is impossible to say that the participants of the system are fully prepared for the appearance of this tool — adaptation can take a long time.
The Ministry of Finance forwarded Izvestia's request to the Bank of Russia.
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