Central Bank of Russia to consider possibility of accruing interest on digital ruble accounts - deputy governor

Résumé détaillé

MOSCOW. Nov 10 (Interfax) - The Central Bank of Russia is following global trends and is ready to consider the issue of accruing interest on accounts opened in digital rubles, CBR…

MOSCOW. Nov 10 (Interfax) - The Central Bank of Russia is following global trends and is ready to consider the issue of accruing interest on accounts opened in digital rubles, CBR Deputy Governor Zulfia Kakhrumanova said at the Federation Council.

"As for the possibility of accruals, the digital ruble is a payment instrument, and we initially considered it specifically for settlements, but we are following global trends and quite recently thought that it might make sense to think specifically about accruing interest on accounts, because China is already moving in this direction. Therefore, we are working on this issue, and if sufficient support emerges, we will also come forward with certain initiatives," Kakhrumanova said when answering senators' questions.

Kakhrumanova also commented on a remark that citizens currently turn to the digital ruble mainly out of curiosity and that using this instrument is not yet beneficial for them.

"I would probably briefly say a few words about cashback. Cashback is usually an instrument for banks. Everyone is used to the fact that if you pay, the bank provides cashback. We very much hope that the digital ruble will somewhat shift the configuration, that cashback will appear directly from manufacturers and retail organizations, for whom it will be extremely beneficial to offer this kind of instrument to people. Therefore, it seems to us that this will also become very useful for people at the next stage," she said.

According to the Central Bank, since the mass rollout of the digital ruble, citizens and businesses have opened only 310,000 wallets, carrying out more than 250,000 transactions.

The digital ruble is the third form of the Russian national currency that the CBR plans to issue in addition to the existing forms of cash and non-cash money. At the time of the project's launch, the CBR said more than once that the digital ruble was not a savings instrument and that there would therefore be no interest paid out on digital wallet…

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