“We believe that it won’t revolutionize the overall financial intermediation system of banks, but it will certainly provide extra value to clients,” Voevodina expressed.
In terms of advantages, Voevodina highlighted the programmability of the digital ruble and the ability to use smart contracts, eliminating the need for additional controls on intended usage.
She explained, “Smart contracts that can be created using this tool will allow for greater efficiency and transparency in transactions.”
Rosbank is currently involved in the digital ruble pilot project and is focusing on developing user-friendly interfaces. According to Voevodina, the Bank of Russia has mandated participants in the pilot phase to create simple and comprehensible customer journeys for conducting transactions.
Recently, Russian Finance Minister Anton Siluanov announced that starting next year, all Russian citizens will be able to make purchases using digital rubles. In anticipation, the State Duma of the Russian Federation has passed amendments to the tax code, integrating the digital ruble into the country’s tax system.