Sberbank Urges Central Bank to Reconsider Digital Ruble Issuance Plans

Contents

Sberbank has calculated how much it costs to create a digital ruble
CONTENT

  • The Central Bank urged not to rush to estimate costs

  • Sberbank claims that one of the digital ruble models announced by the Central Bank will cost at least 20 billion rubles

  • The Central Bank believes that the costs will depend on the final version of the digital currency

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The largest bank in the Russian Federation came to the conclusion that the creation of a digital ruble resistant to fraudulent schemes could take at least 20-25 billion rubles

Sberbank estimates the cost of creating a digital ruble resistant to cyber fraudsters at a minimum of 20-25 billion rubles.

Sberbank has calculated how much it costs to create a digital ruble

RBC writes about this, referring to the participants in the meeting of the Association of Banks “Russia”.

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According to Stanislav Kuznetsov, Deputy Chairman of the Board of Sberbank, potential risks include an insufficient level of protection for fintech companies that can gain access to the creation of wallets for the digital ruble and make actual payments..

Sberbank has calculated how much it costs to create a digital ruble

In turn, the first deputy chairman of the Central Bank Olga Skorobogatova confirmed the high cost of the system being created, but urged to evaluate the costs from the point of view of consumer benefits.

“Indeed, this project, will reduce the cost of costs for the economy, will lead to a slight decrease in banks’ margins,” – said the interlocutor of RBC.

The Central Bank said that the actual estimates of infrastructure costs primarily “depend on the model and the technology that will be chosen.” According to the Central Bank, the forecast of the costs of creating infrastructure for the digital ruble is possible only after a detailed clarification of the concept and architecture of a new type of asset.

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We will remind, earlier the Central Bank of the Russian Federation called “futurological” the proposal of Sberbank to convert all non-cash rubles into digital. At the same time, Skorobogatova said that the regulator and Sberbank understand the concept of digital currency differently. According to the Central Bank, the digital ruble should be classified as a third form of cash based on a distributed ledger.

Also, the regulator refused to involve commercial banks in the process of issuing digital currency. Deputy Chairman of the Central Bank of the Russian Federation Alexey Zabotkin said that cooperation with banks will depend on the model for the distribution of digital currency, but the regulator will not share the obligations to issue the digital ruble with other financial institutions.

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Sberbank has calculated how much it costs to create a digital ruble

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