{"id":45730,"date":"2023-08-08T02:26:39","date_gmt":"2023-08-08T06:26:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/russian-banks-say-citizens-are-wary-of-cbdc-plans\/"},"modified":"2023-08-08T02:26:41","modified_gmt":"2023-08-08T06:26:41","slug":"russian-banks-say-citizens-are-wary-of-cbdc-plans","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=45730","title":{"rendered":"Russian Banks Say Citizens Are Wary of CBDC Plans"},"content":{"rendered":"<div>\n<p>Russia\u2019s biggest banking association has demanded clarification on Moscow\u2019s CBDC plans, and says citizens are \u201cwary\u201d of the digital ruble.<\/p>\n<p>Per Komersant and BFM, the Association of Russian Banks (ARB) sent a letter to the Central Bank with \u201ca request to clarify certain issues pertaining to the digital ruble.\u201d<\/p>\n<p>The Central Bank is currently working with over a dozen commercial banks on a \u201creal-world\u201d pilot.<\/p>\n<p>But, the ARB wrote:<\/p>\n<blockquote>\n<p>\u201c[Russian] people have an extremely wary attitude to the introduction of the digital ruble. [This attitude is shared by] the consumers of financial services.\u201d<\/p>\n<\/blockquote>\n<p>The letter also called on the Central Bank to \u201cpropose the introduction of a direct ban on forcing citizens to open a digital ruble wallet.\u201d<\/p>\n<p>The ARB also wants the Central Bank to \u201climit digital ruble operators\u201d from making \u201cincreases in tariffs for their services.\u201d<\/p>\n<p>The ARB further called on the Central Bank to answer the following questions:<\/p>\n<ul>\n<li>What is a digital ruble? Is it a \u201cthird form of money\u201d or a \u201cnon-cash currency?\u201d<\/li>\n<li>Will the Central Bank, as the digital ruble operator, compensate banks for the costs of providing customers with access to the CBDC?<\/li>\n<li>Will banks be obliged to participate in the project and what kind of infrastructure-related changes will they need to make?<\/li>\n<\/ul>\n<p>Oleg Sysuev, the CEO of Russia\u2019s Alfa Bank, said that there was \u201creally is no complete understanding of the legal nature of the digital ruble.\u201d<\/p>\n<p>He said:<\/p>\n<blockquote>\n<p>\u201cGenerally speaking, and on a global scale, CBDCs are very young. And as the Russian banking system, in terms of IT, is still ahead of many developed countries, we are \u2013 in some respect \u2013 pioneers. Therefore, there are a lot of questions to be answered.\u201d<\/p>\n<\/blockquote>\n<figure class=\"media\"><oembed data-embedo-height=\"400\" data-embedo-url=\"https:\/\/twitter.com\/AndrewRestuccia\/status\/1686700422159794176\" loading=\"lazy\"><\/oembed><\/figure>\n<h2>Russian CBDC: Banks Remain Unsure<\/h2>\n<p>Russia\u2019s business community appears to have mixed feelings about the issuance of a CBDC.<\/p>\n<p>Alfa\u2019s Sysuev added:\u00a0<\/p>\n<blockquote>\n<p>\u201cIt is not clear how [banks] will be incentivized to distribute the [CBDC]. And it is not clear how customer interest will be driven up. Nor is it not clear how the [Central Bank] will regulate transactions with the [CBDC]. So many questions remain unanswered.\u201d<\/p>\n<\/blockquote>\n<p>The Central Bank sees an expiated CBDC launch as a tool that could at once help Moscow de-dollarize its economy once and for all and reduce Russia\u2019s spiking demand for cryptoassets.<\/p>\n<p>Elvira Nabiullina, the bank\u2019s long-serving, crypto-skeptic Governor, has championed a digital ruble launch for several years.<\/p>\n<p>Top politicians, meanwhile, have suggested that Russia\u2019s digital ruble \u201ccould be compatible\u201d with China\u2019s digital yuan and other global CBDCs.<\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/russian-banks-say-citizens-are-wary-of-cbdc-plans-digital-ruble-faces-roadblock.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russia\u2019s biggest banking association has demanded clarification on Moscow\u2019s CBDC plans, and says citizens are \u201cwary\u201d of the digital ruble. Per Komersant and BFM, the Association of Russian Banks (ARB) sent a letter to the Central Bank with \u201ca request to clarify certain issues pertaining to the digital ruble.\u201d The Central Bank is currently working [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":45731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-45730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Russian Banks Say Citizens Are Wary of CBDC Plans | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Russia\u2019s biggest banking association has demanded clarification on Moscow\u2019s CBDC plans, and says citizens are \u201cwary\u201d of the digital ruble.Per 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