{"id":57480,"date":"2022-02-10T10:28:13","date_gmt":"2022-02-10T08:28:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=57480"},"modified":"2025-09-04T11:57:26","modified_gmt":"2025-09-04T08:57:26","slug":"expert-warns-that-the-digital-ruble-could-dampen-the-credit-market","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/expert-warns-that-the-digital-ruble-could-dampen-the-credit-market\/","title":{"rendered":"Expert warns that the digital ruble could dampen the credit market"},"content":{"rendered":"

The launch of the digital ruble could significantly alter Russia’s payments space, and not only in a positive sense. This was stated<\/a> by Dmitry Grishin, the director of innovations at Uralsib Bank, in his column in Forbes.<\/p>\n

\\n\\n\\n\\n<\/p>\n

Among the benefits of the domestic CBDC he named new scenarios for using cashless payment instruments and the emergence of \u201ccolored\u201d money.<\/p>\n

\\n\\n\\n\\n<\/p>\n

\n

“This potentially opens a path for a generation of fintech startups that will implement new client services on its infrastructure,” explained Grishin.<\/p>\n<\/blockquote>\n

\\n\\n\\n\\n<\/p>\n

At the same time, with the introduction of the new asset, the expert forecasts a reduction in banks’ profits. Earlier, Sberbank estimated the possible outflow of bank funds at about 2\u20134 trillion rubles<\/a>.<\/p>\n

\\n\\n\\n\\n<\/p>\n

\n

“According to the Central Bank’s assessment, the shift to the digital ruble will lead to a 25% drop in pre-tax profits and a 13% drop in net interest income from the banking sector. This is because the digital ruble would reside not on banks’ balance sheets, but in the Central Bank,” Grishin says.<\/p>\n<\/blockquote>\n

\\n\\n\\n\\n<\/p>\n

The asset could also have a negative effect on the lending market.<\/p>\n

\\n\\n\\n\\n<\/p>\n

\n

“There is a risk that the instrument designed to cheapen banking operations could lead to higher loan rates due to the contraction of cheap liquidity, such as balances on current accounts,” admitted Grishin.<\/p>\n<\/blockquote>\n

\\n\\n\\n\\n<\/p>\n

According to him, against the backdrop of record lending in 2021, this could cool the lending market and slow the growth of the economy driven by credit impulse.<\/p>\n

\\n\\n\\n\\n<\/p>\n

Earlier, the prototype of the digital ruble platform was introduced in December 2021<\/a>. Among the first testers of the asset were 12 banks<\/a>.<\/p>\n

\\n\\n\\n\\n<\/p>\n

In January 2022, Promsvyazbank began pilot testing of C2C payments<\/a> with the digital ruble.<\/p>\n

\\n\\n\\n\\n<\/p>\n

The domestic CBDC, as a third form of money, is planned to be launched by 2030<\/a>.<\/p>\n

\\n\\n\\n\\n<\/p>\n

According to the forecast of the Center for Macro-Economic Analysis and Short-Term Forecasting, by the end of 2024 as much as 9 trillion rubles could flow into the new asset from banks<\/a>.<\/p>\n

\\n\\n\\n\\n<\/p>\n

Read ForkLog’s Bitcoin news in our Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

The launch of the digital ruble could significantly alter Russia’s payments space, and not only in a positive sense. This was stated by Dmitry Grishin, the director of innovations at Uralsib Bank.<\/p>\n","protected":false},"author":1,"featured_media":57481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1165,1097,1138,27],"class_list":["post-57480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-digital-ruble","tag-lending","tag-opinions","tag-russia"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/57480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=57480"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/57480\/revisions"}],"predecessor-version":[{"id":57482,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/57480\/revisions\/57482"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/57481"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=57480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=57480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=57480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}