China’s Amazing Innovation in Mobile Payment System! What’s Behind This Cashless Society

Contents

Digital ruble will increase confidence in cashless payments – Qiwi
CONTENT

  • The digital ruble will benefit from the transparency and security of payments

  • Improving the financial literacy of the population remains an important task

  • Digitalization of the economy can adversely affect the development of the entire cryptocurrency industry

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Depending on the final implementation of the digital currency, citizens’ confidence in cashless payments may increase, according to Qiwi

A properly designed digital ruble can increase the level of citizens’ confidence in cashless payments. This opinion was expressed by Maria Shevchenko, Deputy General Director of the Qiwi Group, in an interview with IKS-MEDIA. According to Shevchenko, digital currency can become “a significant element of the program to increase the availability of financial services” supported by the Central Bank of Russia.

Digital ruble will increase confidence in cashless payments - Qiwi

However, the very appearance of the digital ruble does not mean an increase in financial inclusion..

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“It is important to work in parallel to improve the financial literacy of the population,” Shevchenko notes..

The Deputy General Director of the Qiwi Group believes that it will take “more than one year” to convince bank clients of the benefits of the digital ruble. Nevertheless, Shevchenko sees significant benefits in digitalization due to the transparency and security of digital currencies:

“Moreover, with such digital calculations, it is easy to implement a judicial system with artificial intelligence and automated solutions.”.

Also, the top manager of Qiwi expects that with the development of the digital ruble, the country’s authorities will be able to more effectively monitor the use of budget funds..

Digital ruble will increase confidence in cashless payments - Qiwi

In the future, the misuse of funds at all levels may significantly decrease, she notes..

Forbidden changes

At the same time, Shevchenko believes that one should not expect a drop in interest in cryptocurrencies due to state digital currencies. The Chinese correspondent Colin Wu is of a different opinion. In his opinion, the emergence of China’s state digital currency is “bad news” for the entire cryptocurrency market in China..

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Wu connects his concerns with the recent promulgation of amendments to the law on the activities of the Central Bank of China. The amendments clearly spell out an article prohibiting the release and circulation of private virtual assets.

Digital ruble will increase confidence in cashless payments - Qiwi

Thus, the Chinese authorities intend to clean the digital field from potential competitors for the launch of the digital yuan..

It is known that Russia often looks to China as an example of the development of the technology sector. A similar legislative initiative in the domestic industry may even put an end to the organic development of the cryptocurrency market.

As a reminder, Russia still does not have a clear framework for regulating digital financial assets. Due to the selective approach to the digitalization of the economy, the president of the Russian Association of Cryptocurrencies and Blockchain (RACIB) Yuri Pripachkin has already called the introduction of the digital ruble a “meaningless action”.

How the digital ruble can affect the domestic economy – read in a special material from the BeInCrypto editorial office.

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