Losses of Russian banks from the introduction of the digital ruble are estimated at 50 billion rubles per year 07:06

Russian banks could lose 50 billion rubles a year from the launch of the digital ruble, a new form of money that combines cash and non-cash features. Analysts at the consulting firm Yakov & Partners (founded by the Big Three agency partners: McKinsey & Company, BCG and Bain & Company) came to these conclusions. About informs prime agency Analysts noted that the implementation of this scenario is possible in the next three to five years.

Central Bank due to anti-Russian sanctions accelerated The start of the digital ruble test — started on April 23, 2022. As Central Bank Governor Elvira Nabiullina previously stated, the Central Bank of Russia plans to start testing the digital ruble with real customers from April 2023. According to him, the regulator is now testing the digital ruble with fifteen banks.

“Despite the obvious benefits for the economy as a whole, the launch of the digital ruble in the short term may negatively affect the profitability of market players. In 3-5 years on the horizon, banks could lose 50 billion rubles a year, analysts said.

They explained that the introduction of the digital ruble could result in a decrease in Russian banks’ net income from the interbank clearing commission and an increase in the cost of withdrawing liabilities. And at the same time, consumers can get non-refundable when shopping with debit cards and other bonuses for these transactions.

According to Yakov and Partners, retailers could also benefit from the introduction of the digital ruble. According to their estimates, retailers can receive at least 80 billion rubles a year from this. However, analysts believe that for the success of the digital ruble system, some of the benefits must pass to end consumers. Analysts explained that to do this, value-added customer services such as free shipping must be offered.

As conceived by the Central Bank, the digital ruble will have a unique form of digital code stored in a special electronic wallet. The transfer of a digital ruble from one user to another will occur by transferring a digital code from one electronic wallet to another. The Central Bank of Russia will conduct the digital ruble issuance. Money holders will have the opportunity to freely transfer rubles from one form to another, i.e. from cash to non-cash and digital.

Source: Gazeta


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