In a heated atmosphere of anticipation, Russian banks are set to pose pointed questions to the Central Bank on its digital ruble trial at a forthcoming meeting. As real-world transactions using their Central Bank Digital Currency (CBDC) kick off, there is palpable tension within the banking industry; some players exhibit a degree of apprehension.
Prominent banks, including Sberbank and Tinkoff Bank, even made last-minute decisions to exit the pilot, keeping their reasons under wraps. Moreover, there is a known hesitation from the Association of Banks of Russia (ASROS), the country’s main banking association. Previously, ASROS pinned a letter to the Central Bank, seeking assurances about the CBDC’s prospects, expressing its members’ customers’ nervousness about this new form of currency.
Proof that their voices were heard, the 20th edition of the “international banking” forum in Sochi, hosted by ASROS next month, will feature Central Bank’s leadership. The attendance includes Governor Elvira Nabiullina, two Deputy Governors, and the bank’s financial stability chief. Known as a closer confidant of President Vladimir Putin, Nabiullina, also an ardent cryptocurrency critic, is the chief architect of the digital ruble.
As she gears up to hasten the nationwide launch of the digital ruble by 2025-2027, the ripples of unease seem to amplify among commercial banks. Perhaps shedding light on what unsettles them, the ASROS forum will host a roundtable called “The Digital Ruble: Future or Reality?”
Presiding over the session, Georgy Luntovsky, President of ASROS, along with other attendees, can directly address their queries to Alla Bakina from the Central Bank’s National Payment System Department. Also in the hot seat will be executives from substantial stakeholders such as Promsvyazbank (PSB) and Center-Invest Bank.
As the Central Bank unpacks the preliminary outcomes of the pilot and its conjectures about CBDC’s evolutionary course, the banking fraternity keenly watches. Luntovsky eagerly anticipates an open dialogue about the initial trial results and an opportunity for banks to clarify their concerns.
The forum, scheduled between September 27-30, comes at a pivotal time. This month, the eyes of the financial world were on PSB when its customers became the inaugural group of non-bank employees in Russia to use the coin, marking a significant step in CBDC’s journey. With one client using the token to pay for “education-related B2C services,” the count-down to the digital ruble’s roll-out seems firmly under way.
Source: Cryptonews
