Russian banks fear digital rouble could hit profits, says central bank
Russian banks are concerned that the introduction of a digital form of the rouble, currently under consideration by the central bank, could hurt their profits, Governor Elvira Nabiullina said on Thursday.
The central bank first floated the idea of the digital rouble in October, saying it may issue it on top of existing cash and non-cash roubles to facilitate payments for individuals and businesses.
“The digital rouble may create new risks. We are closely studying them,” Nabiullina said at a meeting with representatives of small businesses.
These could be cyber risks and risks related to the influence of this new form of money on the financial sector, banks and monetary policy, Nabiullina said.
“For now we see that the main concerns about the digital rouble are brought about by banks who view it as a factor in reducing their own profits,” she added.
The central bank has said the digital rouble would eventually make Russia’s payment systems more robust, but still opposes the use of cryptocurrencies. Russia only gave cryptocurrencies legal status this year, while banning them from being used as a means of payment.
(Source: Reuters)
Pakistan says Iran's gas project ‘need of the hour’, pushes for US sanctions waiver
Israeli economy plunges almost 20% as Gaza war takes heavy toll
IMF to urge China to shift growth model towards consumption
‘Say no to Biden’: US college being pressed not to endorse genocide
VIDEO | UN: Alarming food insecurity crisis grips Afghanistan
VIDEO | Stuck in quagmire
UK suspends legal assessments of Israeli violations in Gaza
Students protest at US universities to urge end in financial ties to Israel
Biden signs war aid bill supplying Israel, Ukraine with more weapons
VIDEO | France, West warn Israel against escalation with Iran
Iran refutes Kuwait’s assertion of exclusive rights to Arash gas field
This makes it easy to access the Press TV website
