Leading analyst at Freedom Finance Global Natalia Milchakova believes
Posted: Thu Jan 23, 2025 6:02 am
The Bank of Russia expressed doubts about the need to use tokenized non-cash money in bank accounts (TBDB) in settlements in a report published on September 7. It indicates that this version of digital money may have the greatest potential "in countries where innovations in the field of payments and settlements have not yet become widespread in terms of ensuring the availability of various digital and online services to citizens and businesses in 24/7 mode."
"In Russia, where the level of dominican republic whatsapp resource digitalization of payments and settlements is high, the fast payment system (FPS) is actively developing, and the digital ruble project is being implemented, the additional effects of the introduction of the TBDB may not be so obvious. However, given the rapid development of technologies and the interconnections of the Russian financial market with the global economy, it is important to continue studying and assessing the TBDB, including various aspects of the international discussion," the authors of the Central Bank report write.
The authors of the document note that the prospects for the development of the TBDB largely depend on the needs and business strategy of the market participants themselves, and regulators can create additional conditions for this, “by adjusting regulation and limiting possible risks.”
Bailout for banks
that TBDB can help Russian banks implement mass operations with the digital ruble. "This is actually a question of introducing the same digital ruble into mass circulation, and since this project is already being tested, it is logical that banks should take part in this process," Natalia Milchakova told ComNews.
She noted that, despite the fact that banks cannot be issuers of the digital ruble, the law does not prohibit them from using digital technologies, including tokenizing non-cash money, for example, on the platform of the Central Bank of the Russian Federation or on some common platform of the Central Bank and commercial banks. "Moreover, if non-cash money is involved in the circulation of the digital ruble, this can help solve the problem of lending and keeping interest-bearing deposits in digital rubles," said Natalia Milchakova.
According to her, if it is possible to tokenize non-cash money circulation, this will mean that banks will be able to provide all classic banking and financial services in digital rubles. "For example, lending, deposit storage, operations with securities. By the way, the issue of tokenization of securities may also become very relevant as large corporate issuers show interest in digital financial assets," the analyst added.
"In Russia, where the level of dominican republic whatsapp resource digitalization of payments and settlements is high, the fast payment system (FPS) is actively developing, and the digital ruble project is being implemented, the additional effects of the introduction of the TBDB may not be so obvious. However, given the rapid development of technologies and the interconnections of the Russian financial market with the global economy, it is important to continue studying and assessing the TBDB, including various aspects of the international discussion," the authors of the Central Bank report write.
The authors of the document note that the prospects for the development of the TBDB largely depend on the needs and business strategy of the market participants themselves, and regulators can create additional conditions for this, “by adjusting regulation and limiting possible risks.”
Bailout for banks
that TBDB can help Russian banks implement mass operations with the digital ruble. "This is actually a question of introducing the same digital ruble into mass circulation, and since this project is already being tested, it is logical that banks should take part in this process," Natalia Milchakova told ComNews.
She noted that, despite the fact that banks cannot be issuers of the digital ruble, the law does not prohibit them from using digital technologies, including tokenizing non-cash money, for example, on the platform of the Central Bank of the Russian Federation or on some common platform of the Central Bank and commercial banks. "Moreover, if non-cash money is involved in the circulation of the digital ruble, this can help solve the problem of lending and keeping interest-bearing deposits in digital rubles," said Natalia Milchakova.
According to her, if it is possible to tokenize non-cash money circulation, this will mean that banks will be able to provide all classic banking and financial services in digital rubles. "For example, lending, deposit storage, operations with securities. By the way, the issue of tokenization of securities may also become very relevant as large corporate issuers show interest in digital financial assets," the analyst added.