“Kommersant”: Russian market participants still have many questions about the digital ruble

Kommersant reports that the Association of Russian Banks (ARB) has appealed to the Russian Central Bank, saying that market participants still have many questions about the digital ruble and its regulation.

“There is an extremely cautious attitude of citizens/consumers of financial services towards the introduction of the digital ruble,” the ARB said in its letter.

The association calls for a ban on forcing citizens to open a digital account. Also, operators must not unilaterally amend the digital ruble agreement.

Bankers are asking for clarification of banks’ responsibilities in relation to the digital ruble and to work out more of their functions in the infrastructure. From the adopted documents, “it is not possible to establish a procedure for users to enter into a digital ruble account agreement,” the association said;

One of the main issues is to determine the legal nature of the digital ruble, explains Mikhail Romanov, an attorney with the Lawyers and Business MCA.

“The order of application of a huge number of regulations written for non-cash money depends on the resolution of this issue,” he said.

The Central Bank recently unveiled a logo and approved tariffs for digital ruble transactions. For individuals, transfers in the state digital currency will be free, while businesses will have to pay for each transaction. Earlier, Olga Skorobogatova, the first deputy governor of the Bank of Russia, said that the authorities will not organize total surveillance of the country’s citizens with the help of the digital ruble.