Russian lawmakers warn that the digital ruble poses a risk to the financial sector and security – Finance Bitcoin News


Russian parliamentarians warned that the introduction of the digital ruble would bring risks. Among them, the competitive pressure of banks may increase, and new challenges may arise in the field of information security.

The Financial Markets Commission found a threat to the digital ruble project

The Russian digital fiat currency currently under development brings certain risks, and legislators hope the central bank will scrutinize it carefully. After reviewing the project, members of the important financial market committee of the State Duma in the lower house of parliament pointed out that the implementation of the digital ruble may pose a challenge to the country’s financial sector.

this in conclusion In response to the “main direction of monetary policy by 2024” proposed by the Central Bank of Russia (Community rehabilitation), the encrypted news media Forklog reported this week. The document covers the prospects of launching a national digital currency in other aspects of the Moscow government’s monetary policy.

Delegates worried that the new form of Russian currency — the third incarnation of the ruble after cash and bank money — will intensify competition in the banking industry. This may harm the profits of financial institutions and significantly increase the role of the state in the industry.

In addition, the introduction of the Digital Programmability Act has brought new risks-for example, in the field of information security. The authors of the report recommended that Russian banks analyze macroeconomic stability and the threats facing the banking industry. They recommended that regulators prepare countermeasures in advance to prevent these risks from becoming a reality.

At the same time, the Duma Commission hopes that the digital ruble can ensure fast, simple and secure payments while reducing the cost of payment services. It “actively evaluated the analysis of the introduction of digital currencies, and believes that it would be interesting to analyze the impact of the spread of cryptocurrencies in global transactions,” the conclusion reads.

As Russians increasingly choose non-cash payment solutions-this proportion has reached 75% in the past seven years-and given the growing popularity of cryptocurrencies, CBR and other institutions have taken serious responsibility for being Russian citizens Provide government-controlled tasks. Digital currency.Official is planning Fix 13 Russian laws and regulations are adapted to the central bank’s digital currency.

In June, the Bank of Russia established a digital ruble pilot group involving more than a dozen banks and other stakeholders.The authorities plan to complete the prototype of the platform and start testing in December 2021 Central Business District January 2022.Bank President Elvira Nabiullina recently statement that Digital ruble It will provide Russians with what they need as an alternative to other forms of electronic currency issued by the state, including decentralized cryptocurrencies and stablecoins backed by foreign laws.

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Do you think that a CBDC like the digital ruble poses a serious risk to the traditional financial sector? Share your thoughts on this topic in the comments section below.

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