Gazprombank, a subsidiary of the leading Russian government-owned gas company, Gazprom, publicly proposed giving banks more time before implementing the digital ruble. The country’s central bank digital currency (CBDC) project has been accelerating due to global financial sanctions amid geopolitical tensions.
As reported by local media on Feb. 7, Gazprombank, one of the 15 banks participating in the CBDC pilot, issued a public statement with a suggestion to proceed with caution regarding traditional banks’ interests:
“It is imperative that banks take measures to mitigate potential losses. Hence, it is crucial to recognize the potential risks associated with the transition to a digital ruble and approach its implementation with caution, allowing the financial system sufficient time to adjust.“
However, the statement admits that the CBDC will help raise transparency across the Russian financial system and economy.
(By DAVID ATTLEE)
All Comments