The appearance of the digital ruble could hit the retail bank accounts of Russia’s financial institutions. This is reported by TASS citing Moody’s, the international rating agency.<\/p>\n
Analysts expect banks to raise deposit rates to retain customers:<\/p>\n
\n“The redistribution of funds between bank deposits and digital rubles will trigger a partial outflow of customers’ funds from commercial banks.”<\/p>\n<\/blockquote>\n
As a result, the digital ruble will raise the cost of funding, which Moody’s says will weigh on the creditworthiness of financial institutions.<\/p>\n
Analysts forecast higher fees from conducting operations through the Bank of Russia’s accounts rather than through commercial banks. How the Faster Payments System will operate under this arrangement remains unclear.<\/p>\n
The indirect model of the digital ruble, in which the central bank would give banks a role as intermediaries, seems to experts to be the most optimal:<\/p>\n
\n“Retail users will find it easier to switch to the new currency if they can interact with a commercial bank rather than directly with the regulator.”<\/p>\n<\/blockquote>\n
Earlier in October, the Bank of Russia presented<\/a> a report on the digital ruble. The new coin would be credited to citizens’ electronic wallets, and could be used via mobile devices and other carriers both online and offline.<\/p>\n
The head of the Bank of Russia stated<\/a> that the regulator is discussing the project with banks, as it could potentially affect their business models.<\/p>\n
Testing of the digital ruble could begin<\/a> as early as the end of next year.<\/p>\n
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