Russian banks will include the digital ruble in their financial statements starting in 2023

What’s new? The Central Bank of the Russian Federation has introduced the concept of the digital ruble into the banks’ accounting plan. The new reporting requirements for organizations will come into effect starting in 2023. According to Kommersant, in the first stage of the launch of the state cryptocurrency, banks will display it only as assets. In this, digital financial assets (DFAs) will be used in both the active and passive parts of the balance sheet.

Kommersant’s material

What else is known about the initiative? According to the publication’s source, the accounting of the digital ruble as a liability has not been introduced, as it is not required in the current scenario of its use. Thus, it is assumed that the client will convert fiat to digital ruble with a digital wallet, and then will be able to make a transfer to another individual, payment, or reverse conversion.

Previously, the Central Bank also noted that credit institutions will not be able to form liabilities based on the digital ruble, as they will only act as operators of the asset transfer. Concerning DFAs, the publication’s interlocutors noted that the purchased assets will be displayed in active accounts and issued ones in passive accounts.

Situation with the digital ruble. In May, the Bank of Russia announced the launch of a pilot version of the state cryptocurrency and the beginning of tests on real transactions and customers in April 2023. The launch of the digital ruble was planned for a year later, but due to sanctions, the development of the project had to be accelerated.

In 2024, all banks will begin to connect to the state cryptocurrency platform in stages. As the Federal Treasury is ready, payments using digital rubles between the state and individuals/businesses will be available.

In August, operations with digital rubles were tested by PSB bank. To participate, it was necessary to register in the bank’s mobile app and open one’s own digital wallet. VTB also started testing operations on the purchase of DFAs for the cryptocurrency of the Bank of Russia.