Digital ruble reduces tariffs for individuals and costs for companies; operations are processed at the Central Bank
The Bank of Russia announced the launch of the digital ruble on September 1. All banks in the country must start operating the new national currency, in addition to retailers, which are obliged to accept these in large businesses – with annual revenue exceeding 120 million rubles.
Until the start date, operations with digital currency are restricted to pilot participants, made up of a limited number of banks, individuals and companies. The obligation will be progressively extended to smaller traders.
To make a payment in digital rubles, the consumer needs to read a QR code through their bank’s app, select the digital ruble as a payment method and confirm the operation.
The digital ruble account is not opened in a specific commercial bank, but directly on the Bank of Russia platform, which is a state institution. Access to this account can be done through the mobile application of any intermediary financial institution connected to the platform.
Unlike traditional banking transactions, all digital ruble transactions are processed on the Bank of Russia platform rather than in commercial banks’ systems.
According to the Bank of Russia, the main advantages of digital currency are the elimination of fees for operations by individuals, the reduction of costs for companies and the reduction of administrative expenses with budget payments. The institution also states that there is the possibility of automating the control of financing for public projects.
The financial institution stated that, initially, it will not grant loans in digital rubles nor will it remunerate the balance held in digital currency. In Russia, interest-bearing credit and deposits remain exclusive products of commercial banks.
Source: https://www.poder360.com.br/poder-internacional/russia-lanca-moeda-digital-a-partir-de-1o-de-setembro/
