The Ministry of Finance of Russia has discussed the consequences of the launch of the digital ruble

According to the representatives of the Ministry of Finance, this poses both threats and opportunities for the country's financial system

26.11.2021 - 08:00

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What’s new? According to the TASS news agency, the Ministry of Finance has assessed the consequences of the launch of the digital ruble in the country. According to the officials, it brings both new risks and opportunities.

News source on the TASS website

What statements have been made? TASS cites the following statement made by Ivan Chebeskov, the Head of Financial Policy Department of the Ministry of Finance of Russia, during a speech at the Banking Law Conference:

“We can see that with the introduction of the digital ruble, of course, there will be big changes. It is not yet completely clear to everyone how it will happen. But to some extent, it will be a replacement for current cash. And, of course, it will be both a challenge and an opportunity for the banking sector.”

What are the challenges? As previously stated, the authorities are currently analyzing all the possible consequences of launching a new asset. According to the representatives of the State Duma Committee on Financial Market, the digital ruble will lead to lower profits for financial institutions and a stronger role of the state in the industry. Also, the introduction of CBDC carries information security risks.

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